(1) Quantitative monetary policy transmission

(2) Quantitative monetary policy transmission

(3) Price monetary policy transmission

(4) Price monetary policy transmission

MP(−1)

−8.331***

(−2.71)

−9.017***

(−2.75)

0.008**

(2.43)

0.013*

(1.67)

DLL

0.455**

(3.47)

0.519***

(3.72)

−0.004*

(−1.71)

−0.025***

(−3.66)

MP(−1)*DLL

−2.161***

(−3.13)

−2.395***

(−3.05)

0.002**

(2.18)

0.004*

(1.94)

MP(−1)*RISK

−0.723***

(−5.50)

0.005**

(2.41)

MP(−1)*DLL*RISK

−0.176**

(−2.03)

0.001**

(2.55)

Constant term

1.471**

(1.80)

1.777***

(2.76)

−0.054**

(−2.49)

−0.061*

(−1.93)

Variable of control

control

control

control

control

Year fixed effect

control

control

control

control

Industry fixed effects

control

control

control

control

Adjusted R²

0.033

0.033

0.327

0.386

Total number of panel observations

4070

4070

4070

4070