RDP 2013-05: Liquidity Shocks and the US Housing Credit Crisis of 2007–2008
Equation (4)
L
i
j
t
=
α
+
S
A
L
E
S
H
A
R
E
i
j
′
β
+
C
R
I
S
I
S
t
′
γ
+
S
A
L
E
S
H
A
R
E
i
j
∗
C
R
I
S
I
S
t
′
ρ
+
X
i
j
t
′
ϕ
+
θ
i
+
θ
j
+
η
i
t
+
η
j
t
+
ε
i
j
t
︸
ν
i
j
t
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