RECS toolbox Version 0.7

RECS is a MATLAB solver for dynamic, stochastic, rational expectations equilibrium models. RECS stands for "Rational Expectations Complementarity Solver". This name emphasizes that RECS has been developed specifically to solve models that include complementarity equations, also known as models with occasionally binding constraints.

RECS is designed to solve small-scale nonlinear and complementarity models, but not large-scale models. For solving large-scale problems, but without complementarity equations, see Dynare or similar toolboxes.

Available documentation

RECS documentation is not complete, but is sufficient to build standard models (many examples are provided in Demos):

Changelog is available at


Unless stated otherwise, all files in the RECS toolbox are licensed using the Expat license, a permissive free software license. Please see the software license for more information.


RECS source code and development version is available at

Bugs should be reported at


This solver started as a reimplementation of the solvers remsolve and resolve from Miranda and Fackler (2002) and Fackler (2005). RECS would not exist without these earlier contributions. RECS benefited also of many inputs from Pablo Winant, especially with respect to models' parsing.

This work was generously supported by

  • the European Union's Seventh Framework Programme FP7/2007-2011 under Grant Agreements #212036 AgFoodTRAde and #290693 FOODSECURE (for solver development);
  • the Knowledge for Change (KCP) Trust Fund;
  • the AGRODEP Consortium (for documentation writing).


Fackler, P. L. (2005). A MATLAB Solver for Nonlinear Rational Expectations Models. Computational Economics, 26(2), 173-181.

Miranda, M. J. and Fackler, P. L. (2002). Applied Computational Economics and Finance. Cambridge: MIT Press.