Speaker: Professor Zhu Shenghao (Professor, University of International Business and Economics)

Moderator: Assistant Professor Yu Li (Li Anmin Institute of Economic Research, Liaoning University)

Guest: Assistant Professor Wang Dandan (Li Anmin Institute of Economic Research, Liaoning University)

Time: October 9, 2026 (Friday) 10:30–12:00 (Beijing Time)

Venue: Meeting Room 483, Economics Division Building, Puhe Campus, Liaoning University

Language: Chinese/English

Abstract:

The continuous-time heterogeneous-agent formulated by Achdou–Han–Lasry–Lions–Moll (2022) turns an individual Hamilton–Jacobi equation and a population Kolmogorov equation into a backward–forward PDE system. The individual wealth accumulation under the Macro general equilibrium follows a McKean-Valsov stochastic differential equation. We find that the wealth distribution converges to a stationary distribution within a ball characterized by the relative entropy. We establish the local stability of the macroeconomy modeled as a nonlinear particle system. Finally, leveraging the relationship between Dirichlet forms and KL divergence, we investigate the stability of heterogeneous macroeconomic models via functional inequality techniques.

Author Profile:

Zhu Shenghao is currently a professor at the University of International Business and Economics. He received his Ph.D. in Economics from New York University. He has published several papers in top international economics journals such as *Econometrica*, *Journal of Economic Theory*, and *International Economic Review*. His academic achievements have been cited more than 1,200 times by international peers on Google Scholar. Professor Zhu's main research areas are macroeconomics and income distribution. His research combines heterogeneous-agent dynamic macroeconomic models with household-level big microdata, and uses computational techniques to solve the incentive-compatibility problem of microeconomic agents' decision-making. He is currently leading an Original Exploration Program project funded by the National Natural Science Foundation of China.