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Speech
The Gold Beneath Our Feet
Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech
Remarks at the Panel Discussion, “Central Bank Perspectives on Central Bank Digital Currencies”
The topic of central bank digital currencies is certainly of interest to the Federal Reserve and other nations’ central banks around the world. Like others, the Federal Reserve System is considering both the technical and policy issues surrounding all aspects of a central bank digital currency. In my brief remarks today on the panel, I will touch on several of these key considerations.
Journal Article
Opinion: Artificial Intelligence: Potentials and Prospects
We are at the dawn of a new technological revolution. The recent development of artificial intelligence (AI), especially the emergence of generative AI, has offered a plausible future in which machines will eventually free humans from a wide range of cognitive tasks, unleashing vast creativity and productivity gains.
Working Paper
Sectoral Development Multipliers
How should industrial policies be directed to reduce distortions and foster economic development? We study this question in a multi-sector model with technology adoption, where the production of goods and modern technologies features rich network structures. We provide simple formulas for the sectoral policy multipliers, and provide insights regarding the power of alternative policy instruments. We devise a simple procedure to estimate the model parameters and the distribution of technologies across sectors, which we apply to Indian data. We find that technology adoption greatly amplifies the ...
Briefing
The Productivity Puzzle: AI, Technology Adoption and the Workforce
In 1987, economist Robert Solow said, "You can see the computer age everywhere but in the productivity statistics."1 This quote underscores the challenges in tracing the effects of information technology and automation on productivity and the economy at large. Understanding the role of technology in labor productivity growth remains an ongoing quest in economics, one made even more pertinent by recent advances in artificial intelligence (AI) as well as the further adoption of generative AI and large language models (LLMs).Estimates of the effect of AI on economic and productivity growth range ...
Speech
Fintech: Revolution or Evolution?
President Patrick T. Harker gave his economic outlook and discussed issues surrounding financial technology at the University of Pennsylvania?s School of Engineering and Applied Science. The event was part of a lecture series on technology, business, and government
Journal Article
Texas economy rides wave of changing technology and diffusion of know-how
Data on patents and employment show that Texas is a major center of innovation and high-tech employment.
Journal Article
When the Robots Came
Book Review of "The Future of Work: Robots, AI, and Automation by Darrell M. West, Washington, D.C.: Brookings Institution Press, 2018, 205 pages."
Journal Article
Mexican IT services firm pitches ‘nearshoring’ as alternative to overseas ties
Softek chief executive Beni Lopez discusses the competitive challenges the firm faces in the North American market, where many of the world’s leading tech services firms are based, and the genesis of the company’s nearshoring strategy.
Journal Article
Texas high tech shakes off post-pandemic slump, readies new growth path
Texas is poised to lead in new advanced technologies, notably artificial intelligence (AI) and semiconductor manufacturing.