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RDP 9206: Loan Rate Stickiness: Theory and Evidence
Equation (5)
0
=
σ
b
h
(
p
b
)
+
Γ
(
p
a
−
p
b
)
σ
a
h
(
p
a
)
+
σ
a
∫
p
b
p
a
Γ
(
r
−
p
b
)
[
−
d
h
(
r
)
]
+
[
p
b
−
∂
c
b
∂
q
b
]
[
σ
b
h
′
(
p
b
)
−
γ
(
p
a
−
p
b
)
σ
a
h
(
p
a
)
+
σ
a
∫
p
b
p
a
−
γ
(
r
−
p
b
)
[
−
d
h
(
r
)
]
]
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