Data-driven approach needed to assess impact of AI – Lane
ECB board member sets out multiple unknowns as technology reshapes macroeconomic landscape
The uncertainties around how artificial intelligence might affect macroeconomic dynamics mean a data-dependent approach is best suited to assessing the technology’s overall impact on the appropriate monetary policy stance, Philip Lane has said.
In a speech in Rome on July 6, the European Central Bank executive board member said the natural starting point would be to view AI as permanently increasing productivity and boosting incomes. If households and firms quickly internalised the permanent
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