The Use of AI in economic modelling and forecasting - SUERF-ECB-BoF-BdI workshop - 20240626

On 26 June 2024, over 210 international experts met for a SUERF-ECB-Bank of Finland-Bank of Italy workshop on “The use of AI in Economic Modelling and Forecasting”.
Machine learning, neural networks and large-language models are swiftly being adopted in economic research. Currently, the use of generative AI is actively explored and embraced by economist in academia, central banks, think tanks and the financial sector. This workshop brings together cutting-edge research in two specific areas: first, the solving and estimation of economic models and, second, business cycle and inflation forecasting.
Speakers and timeline:
00:00:16 - Welcome and introduction: Ernest Gnan, SUERF
00:01:48 - Session 1: Solving and estimating macroeconomic models using deep learning: Moderated by Mikael Juselius, Research Adviser, Bank of Finland
00:02:06 - Estimating nonlinear heterogeneous agents models with neural networks: Hanno Kase, ECB
00:25:22 - Solving life-cycle models with rich asset structure using deep learning: Marlon Azinovic, University of Pennsylvania
00:48:22 - Multi-agent deep reinforcement learning in macroeconomic modelling: Tohid Atashbar, IMF
01:11:20 - Session 2: Business cycle and inflation forecasting using ML and AI: moderated by Alessandro Notarpietro, DG Economics, Statistics and Research, Bank of Italy
01:12:07 - Maximally Forward-Looking Core Inflation: Philippe Goulet Coulombe, Université du Québec à Montréal
01:33:55 - Exchange rate narratives: Kim Ristolainen, University of Turku
01:52:54 - Concluding remarks and farewell
Presentation slides: www.suerf.org/events/the-use-...
#AI #centralbanking #EconomicModelling #Forecasting
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