The transformative power of AI: economic implications and challenges
Tuesday, 1 and Wednesday, 2 April 2025
European Central Bank, Frankfurt am Main
Recent advances in the field of Artificial Intelligence (AI) have the potential to transform our economies, from providing workers with new productivity-enhancing tools to enabling businesses to optimise their pricing strategies in new ways. However, AI-powered technologies also raise ethical and regulatory concerns. Given this ambivalence, a better understanding is needed of the economic implications and challenges associated with AI.
If you would like to physically attend the AI Workshop or the Conference please contact AI-conference@ecb.europa.eu.
Live webstream
Programme
* indicates the speaker
- 9:00-12:45
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AI workshop
ECB staff presentations on AI-related work. Participants attending the conference in person are welcome to join the workshop. The workshop will be followed by a buffet lunch.
The AI workshop will take place in a different venue to the conference, i.e. in room C2.06.
- 14:00
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Start of conference
Registration and Coffee
- 14:30
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Welcome address
- 14:50
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Keynote speech: The transformative power of AI—uses and applications of a new general-purpose technology
Kristina McElheran, University of Toronto, Rotman School of Management
- 15:45
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Coffee break
- 16:00
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Session 1
How is AI transforming the labour market?Session chair: Luc Laeven, ECB
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AI, task changes in jobs, and worker reallocation
- Christina Gathmann*, LISER, University of Luxembourg and CEPR
- Felix Grimm, LISER
- Erwin Winkler, University of Erlangen-Nuremberg, IZA and LASER
Discussant: Antonio Dalla Zuanna, Banca d'Italia
- 17:00
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AI adoption and the demand for managerial expertise
- Liudmila Alekseeva*, KU Leuven
- José Azar, University of Navarra and IESE Business School
- Mireia Giné, IESE Business School
- Sampsa Samila, IESE Business School
Discussant: Juan F. Jimeno, Banco de España
- 18:00
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End of first conference day
- 18:30
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Reception with keynote speech followed by dinner – by invitation only
Is there a role for AI in supporting the green transition?
Claire Monteleoni, INRIA and University of Colorado
- 8:30
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Registration and coffee
- 9:00
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Keynote speech: AI and the outlook for productivity
Jonathan Haskel, Imperial College London
- 9:55
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Coffee break
- 10:15
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Session 2
Is this time different? Will AI have a significant effect on productivity?Session chair: Oscar Arce, ECB
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Generative AI and firm-level productivity: evidence from startup funding dynamics
Dominik Asam* and David Heller, both Max Planck Institute for Innovation and Competition
Discussant: Paul E. Soto, Federal Reserve Board
- 11:15
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Generative AI and the nature of work
- Manuel Hoffmann*, Harvard Business School and Stanford University
- Sam Boysel, Harvard Business School
- Frank Nagle, Harvard Business School
- Sida Peng, Microsoft
- Kevin Xu, GitHub
Discussant: Peter Gal, OECD
- 12:15
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Buffet lunch
- 13:45
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Session 3
Does AI matter for monetary policy?Session chair: Massimo Rostagno, ECB
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Implications of AI usage for financial stability: evidence from AI-driven investment funds identified by generative AI amid interest rate hikes
Joe Ho-Yeung Wong*, Victor Pak-Ho Leung and Siru Lu, all Hong Kong Monetary Authority
Discussant: Shams Pathan, Newcastle University
- 14:45
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Simulating the Survey of professional forecasters
- Sophia Kazinnik*, Stanford HAI
- Anne Lundgaard Hansen, Federal Reserve Bank of Richmond
- John J. Horton, MIT Sloan School of Management
- Daniela Puzzello, Indiana University Bloomington
- Ali Zarifhonarvar, Indiana University Bloomington
Discussant: Michael Ehrmann, ECB
- 15:45
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Coffee break
- 16:00
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Policy roundtable
Making the most of AI: how to foster diffusion and address risks?Moderator: Philip R. Lane, ECB
- Marcus Brunnermeier, Princeton University
- Jesús Fernández Villaverde, University of Pennsylvania
- Valérie Pisano, MILA
- Lucilla Sioli, European Commission
- Filiz Unsal, OECD
- 17:30
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Concluding remarks
Philip R. Lane, ECB
- 17:45
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End of conference
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.
General information
European Central Bank
Press Room (C5.01)
Sonnemannstrasse 20
60314 Frankfurt am Main
Germany
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Katarzyna Budnik
- Clare Childs
- Jeanette Cramer
- Maximilian Freier
- António Dias da Silva
- Guzmán González-Torres
- Paloma Lopez-Garcia
- Peter McAdam
- Wolfgang Modery
- Nico Zorell
all ECB