This result holds even after the holdings of stock market wealth by the non-handto-mouth households in the survey are corrected for underreporting. Compared to aggregate sources, the survey covers about 70 percent of the stock market wealth at the euro area level.
[20] Analogous additional amplification can occur via heterogeneity across firms due to differences in leverage and other factors; see, amongst others, Jeenas, P. (2018), “Firm Balance Sheet Liquidity, Monetary Policy Shocks, and Investment Dynamics,” Technical Report.and Ottonello, P., and Winberry, T. (2018), “Financial Heterogeneity and the Investment Channel of Monetary Policy,” Working Paper, No. 24221, National Bureau of Economic Research.