| (1) Quantitative monetary policy transmission | (2) Quantitative monetary policy transmission | (3) Price monetary policy transmission | (4) Price monetary policy transmission |
MP(−1) | −8.331*** (−2.71) | −9.017*** (−2.75) | 0.008** (2.43) | 0.013* (1.67) |
DLL | 0.455** (3.47) | 0.519*** (3.72) | −0.004* (−1.71) | −0.025*** (−3.66) |
MP(−1)*DLL | −2.161*** (−3.13) | −2.395*** (−3.05) | 0.002** (2.18) | 0.004* (1.94) |
MP(−1)*RISK |
| −0.723*** (−5.50) |
| 0.005** (2.41) |
MP(−1)*DLL*RISK |
| −0.176** (−2.03) |
| 0.001** (2.55) |
Constant term | 1.471** (1.80) | 1.777*** (2.76) | −0.054** (−2.49) | −0.061* (−1.93) |
Variable of control | control | control | control | control |
Year fixed effect | control | control | control | control |
Industry fixed effects | control | control | control | control |
Adjusted R2 | 0.033 | 0.033 | 0.327 | 0.386 |
Total number of panel observations | 4070 | 4070 | 4070 | 4070 |