Conference on the Impact of Artificial Intelligence on the Macroeconomy and Monetary Policy
Thursday, 24 October 2024
Banco de España
Madrid
The European System of Central Banks (ESCB) ChaMP Network and the Banco de España organise this conference to advance with the understanding of the implications that the fast development and adoption of Artificial Intelligence (AI) and related digital automation technologies may have for monetary policy. In so doing, the event brings together experts on how AI may affect various aspects of the macroeconomy and through that the conduct of monetary policy in the euro area. This will enhance the preparedness of Central Banks for technological change in the economy.
Programme
* indicates the presenter
- 8:30
-
Registration and coffee
- 9:15
-
Introductory remarks
Philipp Hartmann, European Central Bank
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Session 1
Labour MarketsChair: Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
- 9:30
-
New Technologies and Jobs in Europe
- Stefania Albanesi, University of Pittsburgh
- António Dias da Silva, European Central Bank
- Juan F. Jimeno*, Banco de España
- Ana Lamo, European Central Bank
- Alena Wabitsch, University of Oxford
Discussant: Maximilian Freier, European Central Bank
- 10:10
-
The Impact of AI on Hungary’s Labour Market: Evidence from Job Ads
Eszter Baranyai*, Granát Marcell and Szepesi Mór, all Magyar Nemzeti Bank
Discussant: Jaanika Meriküll, Eesti Pank
- 10:50
-
The Rise of Generative AI Modelling Exposure
Raphael Auer, David Köpfer and Josef Švéda*, all Bank for International Settlements
Discussant: Omar Rachedi, Esade, Universitat Ramon Llull
- 11:30
-
Coffee break
- 12:00
-
Panel: How Will the Spreading of Artificial Intelligence Tools Affect Monetary Policy?
Chair: Mayte Ledo Turiel, Banco de España
Panellists:
- Luis Garicano, London School of Economics
- Helène Rey, London Business School
- Gertjan Vlieghe, Millennium Capital Partners LLP
- 13:10
-
Lunch
-
Session 2
Inflation and Monetary PolicyChair: Jaime Martínez-Martín, Banco de España
- 14:10
-
The Impact of Artificial Intelligence on Output and Inflation
Iñaki Aldasoro*, Sebastian Doerr, Leonardo Gambacorta and Daniel Rees, all Bank for International Settlements
Discussant: Michaela Elfsbacka-Schmöller, Suomen Pankki – Finlands Bank and European Central Bank
- 14:50
-
Robot Adoption and Inflation Dynamics
- Henrique Basso, Banco de España
- Omar Rachedi*, Esade, Universitat Ramon Llull
Discussant: Dominik Thaler, European Central Bank
- 15:30
-
Coffee break
-
Session 3
MacroeconomyChair: Galo Nuño, Banco de España
- 16:00
-
The Macroeconomic Effects of AI Innovation
Andrea Gazzani* and Filippo Natoli, both Banca d’Italia
Discussant: Francesco Filippucci, OECD
- 16:40
-
The Macroeconomic Implications of the Gen-AI Economy
Pablo Guerron Quintana*, Tomoaki Mikami and Jaromir Nosal, all Boston College
Discussant: Maria Alejandra Amado, Banco de España
- 17:20
-
End of sessions
- 19:30
-
Dinner – by invitation only
Please note that this programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet. Press media will be present at the event.
General information
Banco de España
Calle de Alcalá 48
28014 Madrid
English
- Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
- Philipp Hartmann, European Central Bank
- Galo Nuño, Banco de España
- Matias Covarrubias, Banco de España
- Angela Maddaloni, European Central Bank
- Jaime Martínez-Martín, Banco de España
- Gonzalo Paz-Pardo, European Central Bank
- Gabriel Smagghue, Banque de France
- María T. Valderrama, Oesterreichische Nationalbank