Homological properties of finite type Khovanov-Lauda-Rouquier algebras

We give an algebraic construction of standard modules (infinite dimensional modules categorifying the PBW basis of the underlying quantized enveloping algebra) for Khovanov-Lauda-Rouquier algebras in all finite types. This allows us to prove in an elementary way that these algebras satisfy the homological properties of an `affine quasi-hereditary algebra.' In simply-laced types these properties were established originally by Kato via a geometric approach. We also construct some Koszul-like projective resolutions of standard modules corresponding to multiplicity-free positive roots.