RDP 2013-05: Liquidity Shocks and the US Housing Credit Crisis of 2007–2008
Equation (7)
Δ
L
i
j
=
γ
+
N
O
N
A
F
F
I
L
I
A
T
E
D
i
∗
S
A
L
E
S
H
A
R
E
i
′
β
1
+
S
A
L
E
S
H
A
R
E
i
′
β
2
+
Δ
X
i
j
′
ϕ
+
Δ
η
j
+
Δ
ε
i
j
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