The fitted values from the probit model are then used to run a simulation that distributes the aggregate decline in unemployment across households.23 Chart 8 compares the changes in the unemployment rates across income quintiles.
9 / 14  BIS central bankers' speeches  The key point to note is that households with lower income are at any point in time substantially more likely to be unemployed and that their employment status also tends to react more significantly to monetary policy impulses.