Artificial intelligence
Central banks prepare for the rise of AI
AI will not replace accountability in monetary policy decision-making, MAS chief says
Low growth threatens to reverse living standards – IMF
AI will drive growth but also increase inequalities, fund says
AI threatens labour’s share of income, research finds
AI could increase inequality and social unrest, Philadelphia Fed paper argues
IMF chief urges China to adopt pro-market reforms
Comprehensive reforms could add $3.5 trillion to economy over next 15 years, Georgieva says
BIS and central banks develop AI tool to mine climate data
Hallucinations “do not seem” to impact results of initiative with Bank of Spain, ECB and Bundesbank
Central Banking Awards 2024: third group of winners revealed
Climate model wins economics award; DNB, Fed and Central Bank of Kenya also recognised
Machine learning can increase credit access – Philadelphia Fed
However, study finds trade-off between profit and fairness
Europe’s new AI Act threatens supervisory ‘chaos’ for banks
Policy-maker says new role for European Commission could collide with ECB model risk regulation
Head of Romania’s central bank ‘deepfaked’ by scammers
NBR says fraudsters’ use of AI-generated video points to increasing risks from manipulated imagery
Training central bank communicators
The skills needed for communicating in a social media and artificial intelligence world
Central banks face ‘black box’ effect in AI, warns BIS
Institution’s latest bulletin underlines the opportunities and challenges of machine learning
Millions of South Korean workers face AI replacement – research
Workers with higher incomes and education are more at risk, Bank of Korea paper says
Generative AI set to profoundly change workforce – IMF research
Paper recommends retraining for workers whose jobs are susceptible to erasure
Economics Benchmarks 2023 report – tentative steps on AI
The benchmarks show some small steps to increase AI use, and shed light on broader reforms to modelling, governance and more
Inflation forecast errors moderate after surge in 2022
But growth forecast errors are higher in 2023, data shows
Supervisors see promise in AI but warn data remains key
IMF’s “StatGPT” project has promise but data problems are hard to solve, Regnology panellists say
AI adoption still limited among central bank economists
High income countries report slightly higher impact but most say practical use of AI is minimal
Data sharing as a policy intervention
Increasing access to data represents another policy lever regulators can pull to achieve their objectives, writes David Bholat
BoE should ‘step up’ data analysis, review says
Independent Evaluation Office urges central bank to embrace cloud and explore AI
Policy-makers should shun ‘black box AIs’, Fed’s Cook warns
AI could displace jobs while raising productivity, Federal Reserve governor says
Deep learning models are ‘fragile’, BoE paper finds
Models suffering from “Rashomon effect” need better supervision, authors say