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Grimaud, A., Salle, I. and Vermandel, G. (2025). A Dynare toolbox for social learning expectations Journal of Economic Dynamics and Control, 172.

  • Journal
    Journal of Economic Dynamics and Control
View publication

Social learning (SL) is a behavioral model in which expectations and the resulting aggregate dynamics stem from the interactions of a large number of heterogeneous agents. Nonetheless, this framework has so far lacked a parsimonious development with a general-solution method. This paper bridges this gap and introduces a Dynare toolbox to solve any linear state-space model with SL expectations, opening up a wide range of potential applications. As an illustration, optimal monetary policy rules are studied in a microfounded New Keynesian (NK) model under SL and rational expectations (RE).