| (1) Quantitative monetary policy transmission | (2) Quantitative monetary policy transmission | (3) Price monetary policy transmission | (4) Price monetary policy transmission |
MP(−1) | −14.480*** (−4.56) | −15.026*** (−4.88) | 0.019** (2.36) | 0.022*** (3.94) |
DLL | 0.712*** (4.91) | 0.716*** (4.98) | −0.014*** (−3.03) | −0.034** (−2.06) |
MP(−1)*DLL | −3.407*** (−4.67) | −3.571*** (−5.15) | 0.004* (1.71) | 0.006*** (2.95) |
MP(−1)*RISK |
| −0.961*** (−9.15) |
| 0.032* (1.68) |
MP(−1)*DLL*RISK |
| −0.098*** (−2.68) |
| 0.007* (1.67) |
Variable of control | control | control | control | control |
Year fixed effect | control | control | control | control |
Industry fixed effects | control | control | control | control |
Sargan Statistics (P value) | 0.397 | 0.414 | 0.212 | 0.297 |
AR (1) (P value) | 0.000 | 0.000 | 0.000 | 0.000 |
AR (2) (P value) | 0.585 | 0.582 | 0.495 | 0.758 |
Number of observations | 3700 | 3700 | 3700 | 3700 |