[6]  Chart 4 Effect of monetary policy easing on household income by income quintile (percentages)  Sources: Lenza, M. and Slacalek, J. (2018) op. cit., Eurosystem Household Finance and Consumption Survey, wave 2. Notes: The chart, taken from Lenza, M. and Slacalek, J. (2018) op.
cit, shows the percentage change in mean income across income quintiles in the euro area four quarters after the impact of a quantitative easing shock, which is assumed to correspond to a 30 basis point drop in the spread between a 10-year sovereign bond and the policy rate.