Central banks develop GenAI tool for inflation nowcasting
Researchers say method has global applicability
The Bank for International Settlements, Deutsche Bundesbank and the European Central Bank have developed a method for using generative artificial intelligence (GenAI) to enhance inflation nowcasting.
In a report published today (February 17), the institutions said the tool was intended for monetary policy analysts and data scientists within central banks who use high-frequency data and are looking “for cost-effective alternatives to large language models” (LLMs).
Researchers on Project Spectrum
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