# RDP 2016-04: Housing Prices, Mortgage Interest Rates and the Rising Share of Capital Income in the United States Equation

$$\begin{array}{l}{\pi}^{R}\equiv {P}^{R}{Y}^{R}-M-COE-T-D-IP\\ \equiv GV{A}^{R}-COE-T-D-IP\\ \equiv {\kappa}^{R}-D-IP\end{array}$$