We characterize optimal monetary policy when agents learn about endogenous asset prices. Learning leads to inefficient asset price fluctuations and distortions in consumption and investment decisions. We find that the policy-relevant natural real interest rate increases with subjective asset price beliefs. Optimal monetary policy raises interest rates when expected capital gains are high, but does not eliminate deviations of asset prices from their fundamental value. When we add investment to the model, optimal policy also “leans against the wind”. In a simple calibration of the model, a positive response to capital gains in simple interest rate rules is beneficial.

当代理人了解内生资产价格时，我们表征最优货币政策。学习导致低效的资产价格波动以及消费和投资决策的扭曲。我们发现与政策相关的自然实际利率随着主观资产价格信念而增加。当预期资本收益较高时，最优货币政策会提高利率，但不会消除资产价格与其基本价值的偏差。当我们在模型中加入投资时，最优策略也“逆风”。在模型的简单校准中，对简单利率规则中的资本收益的积极响应是有益的。