Policy-makers should shun ‘black box AIs’, Fed’s Cook warns

AI could displace jobs while raising productivity, Federal Reserve governor says

Lisa Cook
Lisa Cook
US Senate Banking Committee

Monetary policy-makers should not rely on “black box” artificial intelligence (AI) models, US Federal Reserve governor Lisa Cook said on September 22.

Cook also noted AI could displace employment but raise productivity levels, changing the context that economic decision-makers work in.

Society seems to be headed towards widespread artificial intelligence usage, Cook told a National Bureau of Economic Research conference in Toronto, Canada. She pointed to estimates that “80% of the US workforce

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