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Deep Learning for Economists

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  • Melissa Dell

Abstract

Deep learning provides powerful methods to impute structured information from large-scale, unstructured text and image datasets. For example, economists might wish to detect the presence of economic activity in satellite images, or to measure the topics or entities mentioned in social media, the congressional record, or firm filings. This review introduces deep neural networks, covering methods such as classifiers, regression models, generative artificial intelligence (AI), and embedding models. Applications include classification, document digitization, record linkage, and methods for data exploration in massive scale text and image corpora. When suitable methods are used, deep learning models can be cheap to tune and can scale affordably to problems involving millions or billions of data points. The review is accompanied by a regularly updated companion website, EconDL (https://econdl.github.io/), with user-friendly demo notebooks, software resources, and a knowledge base that provides technical details and additional applications.

Suggested Citation

  • Melissa Dell, 2025. "Deep Learning for Economists," Journal of Economic Literature, American Economic Association, vol. 63(1), pages 5-58, March.
    • Handle: RePEc:aea:jeclit:v:63:y:2025:i:1:p:5-58
    DOI: 10.1257/jel.20241733
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    More about this item

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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