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 … on the decision to hold high risk assets relative to the impact on the decision to hold low risk assets. Furthermore, our …

high-risk (low-risk) assets, in line with “reaching for yield” behaviour. Our main findings are based on analysis of US … high- risk assets relative to the impact on the decision to hold low-risk assets. In addition, our findings indicate that …