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RDP 2018-07: The GFC Investment Tax Break
Equation
ln
(
I
n
v
e
s
t
m
e
n
t
i
,
t
)
=
α
+
δ
1
∗
(
R
e
v
e
n
u
e
i
,
t
−
2
−
2
)
+
δ
2
∗
(
R
e
v
e
n
u
e
i
,
t
−
2
−
2
)
∗
I
[
R
e
v
e
n
u
e
i
,
t
−
2
<
2
]
+
β
∗
I
[
R
e
v
e
n
u
e
i
,
t
−
2
<
2
]
+
ε
i
,
t