BIS authors say Bistro should be on central banks’ menu
Economists say new LLM is better at projecting inflation than standard econometric models
Economists at the Bank for International Settlements have developed a large language model to make forecasts akin to those prepared by central banks.
The BIS Time-series Regression Oracle (Bistro), “performs well compared with traditional econometric benchmarks”, say the authors of an article published on March 16 as part of the BIS’s quarterly review.
Bistro was built using Moirai architecture, an open-source foundation model developed by Salesforce. The authors – Batuhan Koyuncu, Byeungchun Kwon
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