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Discussion Paper
Educational Exposure to Generative Artificial Intelligence
The release of ChatGPT by OpenAI in November 2022 unleashed a wave of interest in how generative artificial intelligence (AI) may reshape workplaces and affect occupations. Some studies have shown that generative AI may improve work productivity (see, e.g., Noy and Zhang 2023; Dell'Acqua et al. 2023; Brynjolfsson et al. 2023) and that high-skill and white-collar occupations may be the most exposed, though it is uncertain whether higher exposure means that work tasks will be automated away or augmented (Felten et al. 2023; Eloundou et al. 2023; but see Gmyrek et al. 2023).
Working Paper
Artificial Intelligence Innovation by Financial Innovators: Evidence from US Patents
This paper examines the evolution of artificial intelligence (AI) patent rates (i.e., the number of AI patents/number of firms of the same type) and concentration metrics (i.e., the Herfindahl-Hirschman Index (HHI) and Gini coefficient) among financial market participants from 2000 to 2020. It documents the historical trajectories of AI innovation for regulated banking entities and less-regulated firms, revealing that nonfinancial companies exhibit the highest baseline AI patent rate, while banks show the highest growth in AI patent rate over time. Banks have the highest HHI, and nonfinancial ...