Artificial intelligence and the economy: implications for central banks study notes cover the following learning objectives:
Identify and describe the risks arising from the widespread use of AI applications in the financial sector.
Describe how central banks can harness AI to fulfill their policy objectives.
Explain the macroeconomic impact of AI, including implications for firms’ productive capacity and investment, labor productivity, household consumption, economic output, inflation, and fiscal sustainability.
Explain how the use of AI presents new opportunities and challenges for central banks, including the central banks’ role as users and providers of data, and the trade-offs posed by their use of both internally-developed and external AI models.