RDP 2004-08: Housing Construction Cycles and Interest Rates
Equation (7)
Q
=
(
l
P
l
λ
l
P
l
−
m
P
m
+
k
κ
m
μ
n
γ
P
s
−
k
R
−
n
w
)
1
/
(
λ
−
1
)
B
≡
(
P
s
n
γ
k
κ
m
μ
)
*
=
P
m
μ
/
β
P
s
−
1
/
β
R
κ
/
β
w
γ
/
β
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