Envisioning AI's Role in Economic Analysis

Tara Sinclair is a professor of economics and international affairs at George Washington University, where she also directs the George Washington Center for Economic Research. From 2022 to 2024, Tara also served as the Deputy Assistant Secretary for Macroeconomics in the Office of Economic Policy at the US Department of Treasury. Tara joins David on Macro Musings to talk about her time at Treasury, real-time economic analysis, the Fed framework review, and much more.

Transcript for this week’s episode.

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Tara’s GWU profile

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Related Links:

*Real Time Economics: Tales from the Trenches* - Remarks by Tara Sinclair at the 2024 RTE Conference

*Labor Shortages and Job Mismatch* - Remarks by Tara Sinclair at the 66th NABE Annual Meeting

*The Fed’s Strategic Approach to Monetary Policy Needs a Reboot* by Mickey Levy and Charles Plosser

*The Inflation Surge of the 2020s: The Role of Monetary Policy* by Gauti Eggertsson and Don Kohn

*Monetary Policy Strategies to Foster Price Stability and a Strong Labor Market* by Michael Kiley

*Did the Federal Reserve’s 2020 Policy Framework Limit Its Response to Inflation? Evidence and Implications for the Framework Review* by Christina Romer and David Romer

Timestamps:

(00:00:00) – Intro

(00:01:25) – Working as a Deputy Assistant Secretary at the Treasury Department

(00:06:31) – Building a Better Economic Database

(00:10:15) – Breaking Down Real-time Economics and Real-time Data

(00:16:06) – *Real Time Economics: Tales from the Trenches*

(00:21:37) – Solving Our Current Data Challenges

(00:24:36) – *Labor Shortages and Job Mismatch*

(00:32:08) – Breaking Down the Upcoming Fed Framework Review

(00:37:56) – Addressing the Concerns and Issues Surrounding the Fed’s Framework

(00:42:50) – Unpacking the Dual Mandate and the Fed’s Broad and Inclusive Goal

(00:53:45) – Could AI Define Maximum Employment in the Future?

(00:56:13) – Outro