Table 4 Robustness: IRS rates and additional control variables

Reference period

0.429***

0.332***

0.278***

0.211*

0.132

0.140

(0.114)

(0.082)

(0.077)

(0.083)

(0.097)

(0.097)

0.407***

0.305***

0.264***

0.226***

0.235***

0.237***

(0.08)

(0.073)

(0.071)

(0.066)

(0.066)

(0.066)

 Constant

0.000

− 0.001

− 0.001

0.000

0.001

0.001

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

 No. of obs.

1248

1248

1248

1248

1247

1247

 R²

0.221

0.140

0.107

0.065

0.046

0.060

 H₀: p-value

0.889

0.824

0.905

0.898

0.436

0.464

ZLB period

0.910***

0.914***

0.818***

0.675**

0.627*

0.613*

(0.226)

(0.226)

(0.234)

(0.237)

(0.256)

(0.25)

0.488*

0.419*

0.364

0.374

0.529

0.388

(0.228)

(0.201)

(0.201)

(0.226)

(0.272)

(0.242)

 Constant

− 0.002

− 0.003

− 0.003

− 0.002

− 0.002

− 0.002

(0.001)

(0.001)

(0.002)

(0.002)

(0.002)

(0.002)

 No. of obs.

799

799

799

799

799

799

 R²

0.115

0.066

0.046

0.030

0.027

0.021

 H₀: p-value

0.239

0.133

0.177

0.406

0.816

0.560

Floor period

0.202

0.158

0.131

0.107

0.101

0.129

(0.107)

(0.131)

(0.139)

(0.14)

(0.141)

(0.152)

0.116

0.271***

0.366***

0.440***

0.421***

0.448***

(0.066)

(0.078)

(0.08)

(0.089)

(0.097)

(0.107)

 Constant

0.000

0.000

0.001

0.001

0.001

0.001

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

 No. of obs.

660

661

661

661

661

661

 R²

0.028

0.049

0.054

0.063

0.052

0.056

 H₀: p-value

0.530

0.489

0.171

0.062

0.082

0.112

NIR period

0.390*

0.436*

0.443*

0.439*

0.321

0.362

(0.168)

(0.177)

(0.194)

(0.211)

(0.217)

(0.223)

0.625**

0.568**

0.458**

0.379*

0.358*

0.338*

(0.205)

(0.173)

(0.160)

(0.154)

(0.149)

(0.157)

 Constant

0.003*

0.002

0.002

0.002

0.002

0.002

(0.001)

(0.001)

(0.001)

(0.002)

(0.002)

(0.002)

 No. of obs.

444

445

445

445

445

445

 R²

0.353

0.249

0.202

0.121

0.097

0.093

 H₀: p-value

0.415

0.625

0.955

0.832

0.897

0.936