Working Papers

Deep Learning-Based Probabilistic Approach

A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models

Jun 2025

keywords: Forward-Backward SDE, deep learning, heterogeneous-agent, flow of conditional distribution

slides
Breaking the Curse of Dimensionality in Heterogeneous-Agent Models: A Deep Learning-Based Probabilistic Approach

May 2026

keywords: two-asset portfolio choice, nonlinear market clearing condition, search and matching frictions, over-the-counter markets

recent presentation: 2025 GSU-MS AI & FinTech Conference

slides
Deep Learning Solution to "Combinatorial" Problems in Economics: Analytic and Probabilistic Approaches

with Jinghai Yu, Nov 2025

keywords: combinatorial discrete choice, dynamic network formation

recent presentation: 2025 World Congress, 2025 Conference on Spatial Dynamics at Yale
Applications of Deep Learning-Based Probabilistic Approach to Economic Models with High-Dimensional Controls

with Hongxiao Chen, Apr 2025

keywords: debt maturity management, preferred habitat models, term structure of interest rate

Bond Finance, Bank Finance, and Bank Regulation

Apr 2020
The Economics of Consumer Credit on an E-Commerce Platform

Aug 2022

keywords: return to scope, boundary of a platform, BNPL, FinTech
Endogenous Global Risk

with Hao Hu, Jan 2022

keywords: global financial cycle, exorbitant privilege, valuation effect, global saving glut, financial contagion
The Implicit Guarantee Channel: How Policy Uncertainty Affects Shadow Banks

with Zongbo Huang and Xiang Shao, Nov 2023