RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (7)
(
κ
R
P
Y
)
s
t
=
β
1
R
I
N
T
R
A
T
E
s
t
+
β
2
Δ
C
P
I
s
t
+
γ
C
O
N
T
R
O
L
S
s
t
+
θ
s
+
λ
t
+
ε
s
t
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