This paper studies how adaptive learning affects the interactions between monetary policy, stock prices and the optimal degree of Rogoff conservatism in a New Keynesian DSGE model with non-Ricardian agents whose heterogeneous portfolios generate a financial wealth channel of monetary transmission. A positive intergenerational portfolio turnover in the stock market could improve the dual-mandate central bank’s intertemporal trade-off allowed by learning and implies a positive weight on financial stability in the social welfare criterion. For plausible learning gains and turnover rates, a rise in the turnover rate could lead the central bank to reduce the aggressiveness in its policy needed to manage private beliefs if the learning gain is high enough. Both the distortion due to learning and the central bank’s lack of concern for financial stability could lead the government to appoint a liberal central banker, i.e. less conservative than society. A rise in the turnover rate implies a higher (lower) degree of liberalism for low (high) learning gains.

中文翻译：

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学习、央行保守主义和股价动态

本文研究了自适应学习如何影响新凯恩斯 DSGE 模型中货币政策、股票价格和 Rogoff 保守主义最佳程度之间的相互作用，该模型具有非李嘉图代理人，其异质投资组合产生货币传输的金融财富渠道。股票市场中正的代际投资组合周转率可以改善中央银行双重授权的跨期权衡，这意味着学习允许的金融稳定在社会福利标准中的正权重。对于合理的学习收益和周转率，如果学习收益足够高，周转率的上升可能会导致中央银行减少其管理私人信仰所需的政策积极性。学习造成的扭曲和中央银行对金融稳定缺乏关注都可能导致政府任命一位自由主义的中央银行家，即不像社会那样保守。离职率的上升意味着对低（高）学习收益的更高（更低）程度的自由主义。