So it can argue, sort of, that its staff shared the pain with investors, at an individual if not aggregate level.

Nothing prevents the regressors and the errors from being correlated at the aggregate level.

But the focus remained at the aggregate level.

An analysis of this study found it to be misleading due to sampling at an aggregate level.

Though policy also operates at an aggregate level, more accurate analyses will retain the most detailed level of information as long as possible.