RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States
Equation (9)
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κ
R
P
Y
)
s
t
=
β
1
R
I
N
T
R
A
T
E
s
t
+
β
2
I
N
E
L
A
S
T
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C
s
∗
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N
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s
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3
Δ
C
P
I
s
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β
4
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N
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L
A
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T
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C
s
∗
Δ
C
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1
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O
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s
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2
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N
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A
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∗
C
O
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R
O
L
S
s
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θ
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+
λ
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+
ε
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MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@A9CE@