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RDP 2004-08: Housing Construction Cycles and Interest Rates
Equation (3)
Δ
q
t
=
α
0
−
α
1
(
q
t
−
1
+
α
2
v
a
c
t
−
1
+
α
3
h
h
g
r
o
w
t
h
t
−
1
)
+
∑
i
α
4
i
Δ
q
t
−
i
+
∑
i
α
5
i
Δ
p
h
,
t
−
i
+
∑
i
α
6
i
Δ
y
t
−
i
+
∑
i
α
7
i
i
t
−
i
+
∑
i
α
8
i
Δ
p
s
,
t
−
i
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