RDP 2014-06: Is Housing Overvalued? Equation (9)

d ln P = d ln r e n t + ψ d r + ψ d c + ψ d s + ψ d d − ψ d π e + ψ d p r e m i u m MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamizaiGacY gacaGGUbacbiGaa8huaiaa=1dacaWFKbGaciiBaiaac6gacaWFYbGa a8xzaiaa=5gacaWF0bGaa83kaiabeI8a5jaa=rgacaWFYbGaa83kai abeI8a5jaa=rgacaWFJbGaa83kaiabeI8a5jaa=rgacaWFZbGaa83k aiabeI8a5jaa=rgacaWFKbGaeyOeI0IaeqiYdKNaamizaiabec8aWn aaCaaaleqabaGaamyzaaaakiabgUcaRiabeI8a5jaadsgacaWGWbGa amOCaiaadwgacaWGTbGaamyAaiaadwhacaWGTbaaaa@62CC@