We prove a product formula which involves the unitary group generated by a
semibounded self-adjoint operator and an orthogonal projection P on a
separable Hilbert space \HH, with the convergence in
L^2_\mathrm{loc}(\mathbb{R};\HH). It gives a partial answer to the question
about existence of the limit which describes quantum Zeno dynamics in the
subspace \hbox{RanP}. The convergence in \HH is demonstrated in
the case of a finite-dimensional P. The main result is illustrated in the
example where the projection corresponds to a domain in Rd and the
unitary group is the free Schr\"odinger evolution.Comment: LaTeX 2e, 24 pages, with substantial modifications, to appear in Ann.
H. Poincar