Welcoming remarks by Governor Cook, November 13, 2023 | Summary and Q&A

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November 13, 2023
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Federal Reserve
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Welcoming remarks by Governor Cook, November 13, 2023

TL;DR

The fifth annual conference focuses on advancing the conceptual framework for macroeconomic policy-making through non-traditional data, machine learning, and natural language processing.

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Key Insights

  • ❓ The conference is an important platform for advancing the conceptual framework for macroeconomic policy-making.
  • ❓ Cooperation between statistical agencies and policymaking institutions is crucial for a better understanding of the economy.
  • 😒 The use of non-traditional data, machine learning, and natural language processing provides more timely and accurate information for economic analysis.
  • 👨‍🔬 Generative AI and explainable AI are emerging topics with potential applications in economic research and policymaking.
  • 🏦 Natural language processing techniques can help understand how central bank communications influence financial markets.
  • 🖐️ Social media plays an increasingly important role in macroeconomic and financial outcomes.
  • 🎰 Machine learning techniques and neural networks have revolutionized macroeconomic modeling.

Transcript

good morning and welcome to the fifth annual conference on non-traditional data machine learning and natural language processing and macroeconomics in a world with evolving data sources and significant advances in Computing it is important to constantly improve the conceptual framework that macroeconomic policy makers use to inform their critical d... Read More

Questions & Answers

Q: How has the conference evolved since its inaugural edition?

The conference has become an international partnership between academics, central banks, statistical agencies, and international organizations. It is now jointly organized with the central bank research Association and the economics with non-traditional data and analytical tools program.

Q: How does the Federal Reserve use non-traditional data for policy-making?

The Federal Reserve uses a diverse range of government and private sector data to assess the state of the economy, inform economic outlook, and evaluate associated risks. It employs text analytics, machine learning, and econometric tools for better estimates and informed decisions.

Q: What are the opportunities and challenges for government and private sector institutions in response to non-traditional data and AI?

Experts like Jed Koko, JY Arthur, Trell, and Hal Varian will discuss the opportunities and challenges related to non-traditional data, machine learning, and artificial intelligence for government and private sector institutions.

Q: How have non-traditional data and methods pushed the research frontier in macroeconomic modeling and online markets?

An academic panel including Jesus Fernandez Via Verde, Sydney L viton, Stepen Hansen, and Kiara farinata will discuss how non-traditional data and methods have advanced research in macroeconomic modeling and online markets.

Summary & Key Takeaways

  • The conference aims to improve the conceptual framework for macroeconomic policy-making through advancements in non-traditional data and computing.

  • It brings together academics, practitioners, central banks, statistical agencies, and international organizations to discuss and push for advancements in economic outcomes.

  • The use of non-traditional data, text analytics, and machine learning has become crucial for better understanding economic activity and making informed policy decisions.

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