RDP 2004-08: Housing Construction Cycles and Interest Rates Equation (4)

Δ p h,t = β 0 − β 1 ( p h,t−1 − p t−1 − β 2 y t−1 + β 3 va c t−1 )+ ∑ j β 4j Δ p s,t−j + ∑ j β 5j Δ p h,t−j + ∑ i β 6j Δ y t−j + ∑ j β 7j i t−j MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacqqHuo arcaWGWbWaaSbaaSqaaiaadIgacaGGSaGaamiDaaqabaGccqGH9aqp cqaHYoGydaWgaaWcbaGaaGimaaqabaGccqGHsislcqaHYoGydaWgaa WcbaGaaGymaaqabaGcdaqadaqaaiaadchadaWgaaWcbaGaamiAaiaa cYcacaWG0bGaeyOeI0IaaGymaaqabaGccqGHsislcaWGWbWaaSbaaS qaaiaadshacqGHsislcaaIXaaabeaakiabgkHiTiabek7aInaaBaaa leaacaaIYaaabeaakiaadMhadaWgaaWcbaGaamiDaiabgkHiTiaaig daaeqaaOGaey4kaSIaeqOSdi2aaSbaaSqaaiaaiodaaeqaaOGaamOD aiaadggacaWGJbWaaSbaaSqaaiaadshacqGHsislcaaIXaaabeaaaO GaayjkaiaawMcaaiabgUcaRmaaqafabaGaeqOSdi2aaSbaaSqaaiaa isdacaWGQbaabeaaaeaacaWGQbaabeqdcqGHris5aOGaeuiLdqKaam iCamaaBaaaleaacaGGZbGaaiilaiaadshacqGHsislcaWGQbaabeaa aOqaaiabgUcaRmaaqafabaGaeqOSdi2aaSbaaSqaaiaaiwdacaWGQb aabeaakiabfs5aejaadchadaWgaaWcbaGaamiAaiaacYcacaWG0bGa eyOeI0IaamOAaaqabaGccqGHRaWkdaaeqbqaaiabek7aInaaBaaale aacaaI2aGaamOAaaqabaGccqqHuoarcaWG5bWaaSbaaSqaaiaadsha cqGHsislcaWGQbaabeaaaeaacaWGPbaabeqdcqGHris5aaWcbaGaam OAaaqab0GaeyyeIuoakiabgUcaRmaaqafabaGaeqOSdi2aaSbaaSqa aiaaiEdacaWGQbaabeaakiaadMgadaWgaaWcbaGaamiDaiabgkHiTi aadQgaaeqaaaqaaiaadQgaaeqaniabggHiLdaaaaa@9382@