It is too costly not to take risk, which rules out a lasting downward correction in risky asset prices

In OECD countries today, real short- and long-term interest rates are highly negative, as is the real return on money. It is therefore very costly for an investor to exit a risky asset. This rules out a sustained downward correction in risky asset prices , even when there is bad news: investors cannot afford to switch from risky assets to risk-free assets, whereas they can afford to do so when the real returns on risk-free assets are not negative.