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
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