| (1) Quantitative monetary policy transmission | (2) Quantitative monetary policy transmission | (3) Price monetary policy transmission | (4) Price monetary policy transmission |
MP(−1) | −7.725** (−2.29) | −8.871*** (−2.68) | 0.005** (2.51) | 0.008** (2.36) |
DLL | 0.460*** (3.31) | 0.527*** (3.77) | −0.008*** (−4.61) | −0.004* (−1.80) |
MP(−1)*DLL | −2.109*** (−2.81) | −2.452*** (−3.16) | 0.002*** (2.77) | 0.005** (2.08) |
MP(−1)*RISK |
| −0.643*** (−4.72) |
| 0.002* (1.84) |
MP(−1)*DLL*RISK |
| −0.115** (−2.56) |
| 0.001** (2.19) |
Constant term | 1.177* (1.76) | 1.513** (2.34) | −0.030*** (−5.16) | −0.067*** (−3.30) |
Variable of control | control | control | control | control |
Year fixed effect | control | control | control | control |
Industry fixed effects | control | control | control | control |
Adjusted R2 | 0.032 | 0.033 | 0.277 | 0.371 |
Total number of panel observations | 4070 | 4070 | 4070 | 4070 |