We postulate a continuous‐time heterogeneous agent model with a financial sector and
households to study the nonlinear linkages between aggregate and financial variables. In …

We introduce deep equilibrium nets (DEQNs)—a deep learning‐based method to compute
approximate functional rational expectations equilibria of economic models featuring a …

We contrast machine learning (ML) and structural econometrics (SE), focusing on areas
where ML can advance the goals of SE. Our views have been informed and inspired by the …

Anthropogenic climate change produces two conceptually distinct negative economic
externalities. The first is an expected path of climate damage. The second, the focus of this …

We introduce a set-valued solution concept, M equilibrium, to capture empirical regularities
from over half a century of game theory experiments. We show M equilibrium serves as a …

How do asset returns interact with wealth inequality? Empirical evidence shows that portfolio
choices and financial constraints lead to unequal risk exposure across households and …

We consider dynamic stochastic economies with heterogeneous agents and introduce the
concept of uniformly self-justified equilibria (USJE)—temporary equilibria for which …

We propose a scalable method for computing global solutions of nonlinear, high-
dimensional dynamic stochastic economic models. First, within a time iteration framework …

We examine asset prices in environments where the risk-free rate lies considerably below
the growth rate. To do so, we introduce a tractable model of a production economy featuring …

Dynamic stochastic general equilibrium models with ex-post heterogeneity due to
idiosyncratic risk have to be solved numerically. This is a nontrivial task as the cross …