Bank Deposit Rate Clustering: Theory and Empirical Evidence
发现零售存款利率像证券价格一样倾向于集中在整数和偶数分数上，并提出基于储户有限记忆的理论来解释这一现象，预测银行倾向设定整数利率且利率在此水平上具有粘性，实证结果支持理论。
ABSTRACT 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. When banks set noninteger rates, rates are more likely to be just above, rather than just below, integers. The paper finds substantial empirical support for the theory's implications.