SUERF BIS ECB BoF - AI in central banking - 20240422
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On 22 April 2024 around 440 international experts met for a SUERF I BIS I ECB I Bank of Finland online workshop on “AI in Central Banking”.
Recent and forthcoming advances in artificial intelligence are also opening many avenues through which central banks’ work will be affected. For instance, AI affects the functioning of the economy at large, including effects on the labor market, on productivity and inflation. It affects the functioning of the financial sector, implying effects on the transmission of monetary policy as well as posing potential new challenges for financial stability. It affects the collection, management, use and visualization of big data sets of various kinds. It amplifies economists’ ability to process large amounts of information, helps in generating and estimating economic models and in drafting economic research, analysis and briefings. It may affect the way financial institutions are supervised.
This online workshop brought together leading experts to provide an introduction and overview of how AI is about to change central banks’ work – structurally and on a day-to-day basis - what are possible use cases, and what opportunities and challenges – including data privacy, reliability and robustness – generative AI may offer and pose for central banks.
Speakers and timeline:
00:00:13 – Welcome and Introduction: Ernest Gnan, SUERF, and Deniz Igan, BIS
00:02:43 – State and trajectory of generative AI – use cases and implications for economists: Prof. Anton Korinek, University of Virginia
00:29:32 – When AI becomes a central banker and supervisor: opportunities and pitfalls: Prof. Jón Daníelsson, LSE
00:49:12 – AI in central banking: use cases, opportunities, challenges: Sebastian Doerr, BIS
01:08:04 – AI applications and governance at the European Central Bank: Maximilian Freier, ECB
01:25:28 – Discussion and Q&A
01:54:05 – Concluding remarks and farewell
Presentation slides: https://www.suerf.org/events/ai-in-central-banking/
#AI #centralbanking
© SUERF 2024. Views expressed are those of the speakers only and not necessarily of their affiliated institutions. For more information on SUERF see: https://www.suerf.org/ For future SUERF events see: https://www.suerf.org/events/ For SUERF Policy Notes and Briefs see: https://www.suerf.org/publications/su... Become a SUERF member: https://www.suerf.org/membership/
Recent and forthcoming advances in artificial intelligence are also opening many avenues through which central banks’ work will be affected. For instance, AI affects the functioning of the economy at large, including effects on the labor market, on productivity and inflation. It affects the functioning of the financial sector, implying effects on the transmission of monetary policy as well as posing potential new challenges for financial stability. It affects the collection, management, use and visualization of big data sets of various kinds. It amplifies economists’ ability to process large amounts of information, helps in generating and estimating economic models and in drafting economic research, analysis and briefings. It may affect the way financial institutions are supervised.
This online workshop brought together leading experts to provide an introduction and overview of how AI is about to change central banks’ work – structurally and on a day-to-day basis - what are possible use cases, and what opportunities and challenges – including data privacy, reliability and robustness – generative AI may offer and pose for central banks.
Speakers and timeline:
00:00:13 – Welcome and Introduction: Ernest Gnan, SUERF, and Deniz Igan, BIS
00:02:43 – State and trajectory of generative AI – use cases and implications for economists: Prof. Anton Korinek, University of Virginia
00:29:32 – When AI becomes a central banker and supervisor: opportunities and pitfalls: Prof. Jón Daníelsson, LSE
00:49:12 – AI in central banking: use cases, opportunities, challenges: Sebastian Doerr, BIS
01:08:04 – AI applications and governance at the European Central Bank: Maximilian Freier, ECB
01:25:28 – Discussion and Q&A
01:54:05 – Concluding remarks and farewell
Presentation slides: https://www.suerf.org/events/ai-in-central-banking/
#AI #centralbanking
© SUERF 2024. Views expressed are those of the speakers only and not necessarily of their affiliated institutions. For more information on SUERF see: https://www.suerf.org/ For future SUERF events see: https://www.suerf.org/events/ For SUERF Policy Notes and Briefs see: https://www.suerf.org/publications/su... Become a SUERF member: https://www.suerf.org/membership/
