Skip to content
RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (8)
(
κ
R
P
Y
)
s
t
=
β
1
I
N
T
R
A
T
E
s
t
+
β
2
I
N
E
L
A
S
T
I
C
s
∗
I
N
T
R
A
T
E
s
t
+
γ
1
C
O
N
T
R
O
L
S
s
t
+
γ
2
I
N
E
L
A
S
T
I
C
s
∗
C
O
N
T
R
O
L
S
s
t
+
θ
s
+
λ
t
+
ε
s
t
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@8C75@