RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (C1)
Δ
(
P
H
P
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m
s
=
β
I
N
E
L
A
S
T
I
C
m
+
γ
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O
T
R
O
L
S
m
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+
λ
s
+
Δ
ε
m
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MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaeiLdmaabmaabaWaaSaaaeaacaWGqbWaaWbaaSqabeaacaWGibaaaaGcbaGaamiuaaaaaiaawIcacaGLPaaadaWgaaWcbaGaamyBaiaadohaaeqaaOGaeyypa0JaeqOSdiMaamysaiaad6eacaWGfbGaamitaiaadgeacaWGtbGaamivaiaadMeacaWGdbWaaSbaaSqaaiaad2gaaeqaaOGaey4kaSIaeq4SdCMaam4qaiaad+eacaWGubGaamOuaiaad+eacaWGmbGaam4uamaaBaaaleaacaWGTbGaam4CaaqabaGccqGHRaWkcqaH7oaBdaWgaaWcbaGaam4CaaqabaGccqGHRaWkcaqGuoGaeqyTdu2aaSbaaSqaaiaad2gacaWGZbaabeaaaaa@5C7C@