RDP 9206: Loan Rate Stickiness: Theory and Evidence Equation (8)

p m = 1 2 + 1 2 [ ( am ) 2 k ¯ 2 + ( am 2 ) 2 ] MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaSaaaeaacq GHciITcaWGWbaabaGaeyOaIyRaamyBaaaacqGH9aqpdaWcaaqaaiaa igdaaeaacaaIYaaaaiabgUcaRmaalaaabaGaaGymaaqaaiaaikdaaa WaamWaaeaadaWcaaqaamaalaaabaWaaeWaaeaacaWGHbGaeyOeI0Ia amyBaaGaayjkaiaawMcaaaqaaiaaikdaaaaabaWaaOaaaeaaceWGRb GbaebadaahaaWcbeqaaiaaikdaaaGccqGHRaWkdaqadaqaamaalaaa baGaamyyaiabgkHiTiaad2gaaeaacaaIYaaaaaGaayjkaiaawMcaam aaCaaaleqabaGaaGOmaaaaaeqaaaaaaOGaay5waiaaw2faaaaa@4FC5@