Table 6 Robustness: accounting for outliers

Reference period

0.744***

0.495***

0.487***

0.483***

0.397***

0.237*

(0.164)

(0.109)

(0.107)

(0.110)

(0.107)

(0.105)

0.696***

0.562***

0.538***

0.520***

0.422***

0.364***

(0.143)

(0.107)

(0.102)

(0.096)

(0.095)

(0.091)

 Constant

0.000

0.000

0.001

0.000

0.001

0.001

(0.002)

(0.001)

(0.001)

(0.001)

(0.001)

(0.002)

 No. of obs.

1163

1165

1165

1165

1161

1053

 R²

0.064

0.086

0.081

0.077

0.057

0.026

 H₀: p-value

0.846

0.710

0.773

0.834

0.881

0.431

ZLB period

0.581***

0.741***

0.752***

0.680***

0.598*

0.441⁺

(0.155)

(0.218)

(0.200)

(0.203)

(0.233)

(0.255)

0.673**

0.648*

0.502⁺

0.563*

0.448⁺

0.314

(0.244)

(0.273)

(0.274)

(0.286)

(0.245)

(0.281)

 Constant

− 0.000

− 0.002

− 0.003

− 0.002

− 0.002

− 0.002

(0.001)

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

 No. of obs.

788

788

788

787

779

746

 R²

0.082

0.041

0.045

0.041

0.035

0.013

 H₀: p-value

0.776

0.812

0.512

0.767

0.690

0.767

Floor period

− 0.102

− 0.021

− 0.172

− 0.081

− 0.134

− 0.112

(0.144)

(0.170)

(0.161)

(0.192)

(0.166)

(0.160)

0.147

0.226

0.397**

0.344*

0.293⁺

0.324⁺

(0.155)

(0.191)

(0.141)

(0.158)

(0.163)

(0.170)

 Constant

0.002

0.001

0.003*

0.002

0.003

0.003

(0.002)

(0.001)

(0.002)

(0.002)

(0.002)

(0.002)

 No. of obs.

630

632

561

624

623

629

 R²

0.008

0.010

0.031

0.011

0.008

0.008

 H₀: p-value

0.319

0.395

0.019

0.138

0.106

0.101

NIR period

0.575

0.733*

0.608*

0.394*

0.410⁺

0.450*

(0.354)

(0.295)

(0.267)

(0.192)

(0.233)

(0.222)

0.305

0.265⁺

0.290⁺

0.331⁺

0.348⁺

0.354*

(0.165)

(0.145)

(0.151)

(0.176)

(0.189)

(0.179)

 Constant

0.002

− 0.000

0.001

0.001

0.001

0.001

(0.002)

(0.001)

(0.002)

(0.002)

(0.002)

(0.002)

 No. of obs.

428

428

428

428

427

428

 R²

0.039

0.071

0.050

0.028

0.028

0.036

 H₀: p-value

0.521

0.190

0.341

0.825

0.851

0.757