AI can forecast inflation more accurately than professionals – St Louis Fed
Large language models may be powerful tools but have some drawbacks, researchers say
Large language models can forecast inflation more accurately than the Survey of Professional Forecasters (SPF), new research finds.
Economists with the Federal Reserve Bank of St Louis argue Google’s Pathways Language Model (Palm) is both inexpensive and effective at predicting price changes.
AI language models “may provide an inexpensive and accurate alternative approach to generating forecasts of inflation”, researchers Miguel Faria-e-Castro and Fernando Leibovici say. They note other
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Most read
- Risks facing central banks: action and inaction
- Central bank of the year: Central Bank of Brazil
- Artificial intelligence: key questions for financial supervisors