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 brings 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.

Program committee: Ernest Gnan (SUERF), Deniz Igan (BIS I SUERF) , Matthieu Darracq-Paries (ECB), and Juha Kilponen (Bank of Finland)