BISness
AI and the economy: implications for central banks
Jun 25, 2024
Hyun Song Shin discusses the benefits and challenges of AI for central banks. Topics include AI advancements in processing unstructured data, implications for the financial sector, tools for economic assessments, and AI's impact on productivity and the labor market.
21:20
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Quick takeaways
- Central banks must leverage AI tools for data processing efficiency and monitoring tasks.
- AI's impact on the economy includes potential productivity enhancement and labor market transformation, necessitating central banks to closely monitor dynamics for policy decisions.
Deep dives
Impact of Artificial Intelligence on Central Banks
Central banks need to understand the profound impact of new AI technology on the economy and anticipate its effects on productivity, growth, and inflation. As stewards of the economy, they must use the tools enabled by AI, but the real value lies in the data they have access to. These tools can efficiently process unstructured data, enhancing monitoring tasks. Central banks will need to adapt to handling unstructured data sources like text, social media, and images.
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