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RDP 2006-07: Household Saving and Asset Valuations in Selected Industrialised Countries
Equation (C2)
Δ
W
t
=
(
Δ
P
t
P
t
−
1
W
t
−
1
)
︸
c
a
p
i
t
a
l
g
a
i
n
s
+
(
i
t
W
t
−
1
+
Y
t
−
T
t
−
C
t
)
︸
s
a
v
i
n
g
s
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