He Federal Reserve He is investigating the potential effects that generative artificial intelligence (AI) can have on productivity and inflation. and The labor market, Fed chairman Jerome Powell He said on Tuesday (July 2nd).
Speaking during a panel discussion at the European Central BankAt the Portugal Central Banking Forum, Powell said the massive investments being made in AI suggest “a sense that something big is coming here,” Seeking Alpha reported Tuesday.
It’s too early to say whether the adoption of This technology will eliminate jobs and increase existing ones. jobs or create new ones, Powell said, according to the report.
“There’s not a lot a central bank can do about it,” Powell said, according to the report. “But like everyone else, we’re meeting with all the experts and wondering what the effects will be on productivity, inflation and growth, and whether it will be a huge displacement and, if so, for whom.”
As for the Fed, it is investing “significant time and effort” in researching the potential effects and while it is not using generative AI, it is “carefully looking” at other forms of AI and could use them, Powell said, according to the report.
He International Monetary Fund (The IMF) said in January that the impact of AI on employment It will be especially large in advanced economies.
While about 40% of global employment is exposed to AI, 60% of jobs in advanced economies may be affected by the technology, the IMF said in a January 14 report. blog entry.
Half of these jobs can benefit from AI integration, but the other half can see key tasks What are they Currently, tasks that are performed by humans are executed by artificial intelligence applications, the publication states.
These changes could result in lower labor demand and reduced wages. and decline in hiring, according to the publication.
In June, Citizen He said AI could affect more than half of all financial jobswith 54% Of those works having greater potential for automation and another 12% having the potential to be augmented by AI.
Other industries with high automation potential include insurance (46%) and energy (43%). and capital markets (40%), the bank said in a report.
