Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
Deep Learning for Economists
Journal of Economic Literature
vol. 63,
no. 1, March 2025
(pp. 5–58)
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.Citation
Dell, Melissa. 2025. "Deep Learning for Economists." Journal of Economic Literature 63 (1): 5–58. DOI: 10.1257/jel.20241733Additional Materials
JEL Classification
- C38 Classification Methods; Cluster Analysis; Principal Components; Factor Models
- C45 Neural Networks and Related Topics
- C88 Data Collection and Data Estimation Methodology; Computer Programs: Other Computer Software
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness