1. Quantitative monetary policy transmission

2. Price monetary policy transmission

MP(−1)

−7.725**

(−2.29)

0.005**

(2.51)

DLL

0.460***

(3.31)

−0.008***

(−4.61)

MP(−1)*DLL

−2.109***

(−2.81)

0.002***

(2.77)

Constant term

1.177*

(1.76)

−0.030***

(−5.16)

Variable of control

control

control

Year fixed effect

control

control

Industry fixed effects

control

control

Adjusted R²

0.032

0.277

Total number of panel observations

4070

4070