RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States Equation (1)

P j R Y j R PY α = ( P j R Y j R P j H K j H ) ︸ r ∗ ( P j H K j H PY ) ︸ β MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@5D7B@