Table 3 Robustness: additional control variables

Reference period

0.318

0.306***

0.299***

0.166*

0.212*

0.097

(0.182)

(0.092)

(0.078)

(0.08)

(0.088)

(0.06)

0.363***

0.239**

0.239***

0.190**

0.218**

0.153**

(0.093)

(0.078)

(0.062)

(0.07)

(0.071)

(0.056)

 Constant

0.000

− 0.001

0.000

0.000

0.001

0.000

(0.002)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

 No. of obs.

1238

1241

1241

1241

1235

1111

 R²

0.074

0.102

0.111

0.048

0.075

0.039

 H₀: p-value

0.840

0.617

0.590

0.841

0.963

0.531

ZLB period

0.704***

0.779***

0.788***

0.788***

0.686**

0.466*

(0.149)

(0.197)

(0.183)

(0.194)

(0.217)

(0.234)

0.318

0.464**

0.295

0.326

0.192

0.321

(0.196)

(0.179)

(0.198)

(0.23)

(0.2)

(0.219)

 Constant

− 0.002

− 0.003*

− 0.003*

− 0.003

− 0.004*

− 0.002

(0.001)

(0.001)

(0.001)

(0.002)

(0.002)

(0.002)

 No. of obs.

791

791

791

790

782

749

 R²

0.080

0.047

0.050

0.045

0.035

0.021

 H₀: p-value

0.163

0.281

0.101

0.172

0.133

0.691

Floor period

− 0.253*

0.000

− 0.122

− 0.036

− 0.074

− 0.013

(0.115)

(0.112)

(0.117)

(0.118)

(0.106)

(0.106)

0.295***

0.234**

0.316*

0.463**

0.468**

0.434***

(0.071)

(0.072)

(0.14)

(0.168)

(0.154)

(0.126)

 Constant

0.003*

0.001

0.003*

0.003*

0.003*

0.003*

(0.001)

(0.001)

(0.001)

(0.002)

(0.001)

(0.001)

 No. of obs.

645

647

570

639

638

644

 R²

0.037

0.030

0.030

0.056

0.050

0.050

 H₀: p-value

0.000

0.095

0.030

0.031

0.010

0.015

NIR period

0.837**

0.744**

0.594*

0.420*

0.464*

0.564*

(0.321)

(0.251)

(0.232)

(0.202)

(0.210)

(0.252)

0.397**

0.671**

0.526**

0.390*

0.417*

0.398

(0.129)

(0.241)

(0.190)

(0.161)

(0.185)

(0.212)

 Constant

0.001

0.001

0.001

0.001

0.001

0.001

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

 No. of obs.

444

444

444

444

444

444

 R²

0.198

0.238

0.139

0.077

0.068

0.076

 H₀: p-value

0.235

0.848

0.835

0.915

0.876

0.642