RDP 2013-05: Liquidity Shocks and the US Housing Credit Crisis of 2007–2008 Equation (5)

Δ L i j = γ + S A L E S H A R E i j ′ ρ + Δ X i j ′ ϕ + Δ η i + Δ η j + Δ ε i j ︸ Δ ν i j MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYfdmGievaebbnrfi fHhDYfgasaacH8srps0lbbf9q8WrFfeuY=Hhbbf9v8qqaqFr0xc9pk 0xbba9q8WqFfea0=yr0RYxir=Jbba9q8aq0=yq=He9q8qqQ8frFve9 Fve9Ff0dmeaabaqaciGacaGaaeqabaWaaeaaeaaakeaacqqHuoarca WGmbWaaSbaaSqaaiaadMgacaWGQbaabeaakiabg2da9iabeo7aNjab gUcaRiaadofacaWGbbGaamitaiaadweacaWGtbGaamisaiaadgeaca WGsbGaamyramaaDaaaleaacaWGPbGaamOAaaqaaGGaaiab=jdiIcaa kiabeg8aYjabgUcaRiabfs5aejaadIfadaqhaaWcbaGaamyAaiaadQ gaaeaacqWFYaIOaaGccqaHvpGzcqGHRaWkdaagaaqaaiabfs5aejab eE7aOnaaBaaaleaacaWGPbaabeaakiabgUcaRiabfs5aejabeE7aOn aaBaaaleaacaWGQbaabeaakiabgUcaRiabfs5aejabew7aLnaaBaaa leaacaWGPbGaamOAaaqabaaabaGaeuiLdqKaeqyVd42aaSbaaWqaai aadMgacaWGQbaabeaaaOGaayjo+daaaa@69F8@