the Federal Reserve Investigates the potential impacts that generative AI may have on productivity and inflation. And Labor Market, Fed Chairman Jerome Powell He said on Tuesday (July 2).
Speaking during a panel discussion at European Central BankAt a central bank forum in Portugal, Powell said the huge investments being made in artificial intelligence suggested “a sense that something big is coming here.” Reported Tuesday.
It’s too early to say whether adoption This technology will eliminate jobs and enhance existing ones. Jobs or “There is a need to create new companies,” Powell said, according to the report.
“There’s not much the central bank can do about it,” Powell said, according to the report. “But like everyone else, we get together with all the experts and ask ourselves what are the effects on productivity, inflation, growth, and will it be massively displacing them, and if so, who will be affected?”
As for the Fed, it is investing “a lot of time and effort” into investigating potential impacts, and while it is not using generative AI, it is “looking carefully” at other forms of AI and may use that, Powell said, according to the report.
the International Monetary Fund The International Monetary Fund said in January that the impact of artificial intelligence on employment It would be especially great in advanced economies.
While about 40% of global jobs are vulnerable to AI, 60% of jobs in advanced economies could be affected by the technology, according to the International Monetary Fund in a report released on January 14. Blog post.
Half of these jobs could benefit from AI integration, but the other half could see major tasks thats it These operations are currently performed by humans and are being implemented by artificial intelligence applications, according to the post.
These changes may lead to a decrease in demand for labor, and lower wages. And Employment down, according to the post.
in June, City He said that artificial intelligence could affect more than half of all Financial Jobsby 54% Of those jobs It has higher potential for automation and another 12% has the potential to be augmented by AI.
Other industries with high potential for automation include insurance (46%) and energy (43%). And The bank said in a statement that capital markets (40%) a report.