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| Tekijä: | Kahn, C. Pennacchi, G. Sopranzetti, B. |
| Otsikko: | Bank deposit rate clustering: theory and empirical evidence |
| Lehti: | Journal of Finance
1999 : DEC, VOL. 54:6, p. 2185-2214 |
| Asiasana: | FINANCE BANK DEPOSITS ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Like security prices, retail deposit interest rates cluster around integers and "even" fractions. However, explanations for security price clustering are incompatible with deposit rate clustering. A theory based on the limited recall of retail depositors is proposed. It predicts that banks tend to set rates at integers and that rates are "sticky" at these levels. The propensity for integer rates increases with the level of wholesale interest rates and deposit market concentration. |
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