Central banks face ‘black box’ effect in AI, warns BIS

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Central banks using machine learning face the problem of hidden biases in models and the tendency for artificial intelligence (AI) to “hallucinate”, says the Bank for International Settlements (BIS). 

In a bulletin published on January 23, BIS researchers outlined both the promise and potential pitfalls of AI. The non-linear interaction between many variables can make it hard to understand how a particular machine learning model arrived at a conclusion. This is known as the “black box” effect

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