Technological progress and monetary policy: Managing the fourth industrial revolution
نویسندگان
چکیده
This paper looks at the implications for monetary policy of widespread adoption artificial intelligence and machine learning, which is sometimes called “fourth industrial revolution.” The reviews experiences from previous three revolutions, developing a template shared characteristics: new technology displaces workers; investor hype linked to leads financial excesses; types jobs are created; productivity potential output rise; prices inflation fall; real debt burdens increase, can provoke crises when asset crash. experience Federal Reserve during 1995–2006 particularly instructive. uses Bank Canada’s main structural model, ToTEM (Terms-of-Trade Economic Model), replicate that consider options policy. Under Taylor rule, may allow growth run as long remains subdued, easing burden adjustment on those workers directly affected by technology, while macroprudential policies help check excesses. argues family rules enhanced addition stability considerations.
منابع مشابه
The fourth industrial revolution
We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders...
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2021
ISSN: ['0261-5606', '1873-0639']
DOI: https://doi.org/10.1016/j.jimonfin.2021.102373