• Media type: E-Book
  • Title: Social Learning Expectations : Microfoundations and a Dynare Toolbox
  • Contributor: Grimaud, Alex [VerfasserIn]; Salle, Isabelle [VerfasserIn]; Vermandel, Gauthier [VerfasserIn]
  • imprint: [S.l.]: SSRN, [2023]
  • Extent: 1 Online-Ressource (39 p)
  • Language: English
  • DOI: 10.2139/ssrn.4437177
  • Identifier:
  • Keywords: Inflation targeting ; Monetary policy ; Heterogeneous expectations
  • Origination:
  • Footnote: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 3, 2023 erstellt
  • Description: Social learning (SL) is a behavioral model in which expectations and the resulting aggregate dynamics stem from the interactions of a large amount of heterogeneous agents. Nonetheless, this framework has so far lacked micro-foundations and a general-solution method. This paper bridges these two gaps with: (i) a micro-founded New Keynesian model with social learning expectations; (ii) a general solution method that we implement in a Dynare toolbox that solves any linear state-space model with SL expectations. The resulting framework provides a self-contained tool to contrast policy analysis under SL and rational expectations. As an illustration, optimal monetary policy rules are studied under the two expectation regimes
  • Access State: Open Access