Using data on individual portfolio holdings and on mutual fund flows, we find that low interest rates lead to significantly higher demand for income‐generating assets such as high‐dividend stocks and high‐yield bonds. We argue that this “reaching‐for‐income” phenomenon is driven by investors who follow the “living off income” rule‐of‐thumb. Our empirical analysis shows that this preference for current income affects both household portfolio choices and the prices of income‐generating assets. In addition, we explore the implications of reaching for income for capital allocation and the effectiveness of monetary policy.

中文翻译：

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货币政策与收入增长

使用有关个人投资组合持有量和共同基金流量的数据，我们发现低利率导致对创收资产（例如高股息股票和高收益债券）的需求大大增加。我们认为，这种“达到收入”现象是由遵循“生活收入”经验法则的投资者驱动的。我们的经验分析表明，这种对当期收入的偏好会影响家庭投资组合的选择和创收资产的价格。此外，我们探讨了获取收入对资本配置的影响以及货币政策的有效性。