RDP 9202: Some Tests of Competition in the Australian Housing Loan Market
Equation (12)
q
3
t
=
γ
30
+
β
31
q
1
,
t
−
1
+
β
32
q
2
,
t
−
1
+
β
34
q
4
,
t
−
1
+
β
35
q
5
,
t
−
1
+
β
36
q
6
,
t
−
1
+
γ
31
r
3
h
,
t
−
1
+
γ
32
r
b
i
l
l
,
t
−
1
+
∑
i
=
1
11
δ
3
i
D
i
t
+
η
3
D
J
89
t
+
θ
3
N
M
R
t
+
ε
3
t
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