We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a...

We present new evidence showing that fiscal austerity strengthens support for redistribution, especially for the relatively well-off. Our theoretical model proposes two mechanisms to explain this heterogeneity in support for redistribution: ‘altruism’ and ‘appreciation’. We test our...

We show that expansionary monetary policy is positively (inversely) associated with household portfolio allocation to high-risk (low-risk) assets, in line with “reaching for yield” behaviour. Our main findings are based on analysis of US household level panel data using alternative measures...

We present new evidence showing that fiscal austerity strengthens support for redistribution, especially for the relatively well-off. Our theoretical model proposes two mechanisms to explain this heterogeneity in support for redistribution: "altruism" and "appreciation". We test our theoretical...

We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a...

We show that expansionary monetary policy is associated with higher household portfolio allocation to high risk assets and lower allocation to low risk assets, in line with “reaching for yield” behaviour. Our main findings are based on analysis of US household level panel data using...