| (1) Quantitative monetary policy transmission | (2) Quantitative monetary policy transmission | (3) Price monetary policy transmission | (4) Price monetary policy transmission |
MP(−1) | −8.478* (−1.66) | −16.783** (−2.15) | 0.013* (1.65) | 0.019*** (2.92) |
DLL | 0.356** (2.24) | 0.702** (2.47) | −0.012*** (−2.80) | −0.014*** (−3.22) |
MP(−1)*DLL | −1.869*** (−1.84) | −3.449** (−2.30) | 0.003* (1.65) | 0.004*** (3.02) |
MP(−1)*RISK |
| −1.408*** (−6.81) |
| 0.005** (2.10) |
MP(−1)*DLL*RISK |
| −0.231** (−2.06) |
| 0.009*** (7.04) |
Constant term | 1.443* (1.80) | 3.462** (2.18) | −0.061*** (−3.18) | −0.069*** (−3.46) |
Variable of control | control | control | control | control |
Year fixed effect | control | control | control | control |
Industry fixed effects | control | control | control | control |
Adjusted R2 | 0.023 | 0.031 | 0.246 | 0.248 |
Total number of panel observations | 4070 | 4070 | 4070 | 4070 |