(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