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Table 3 Long-run relationship between the policy rate and the bank lending rate

From: Interest rate liberalization and pass-through of monetary policy rate to bank lending rates in China

yt = γ0 + λ0D + γ1xt + λ1D × xt + zt
Variable   Coefficient S. E. t-statistics Prob.
Constant γ 0 3.955 0.0959 41.236 0.000
D λ 0 −1.175 0.196 5.983 0.000
x t − 1 γ 1 0.761 0.0172 44.177 0.000
D × xt − 1 λ 1 0.362 0.0657 5.514 0.000