Barr: Artificial Intelligence and the Labor Market: A Scenario-Based Approach

From federalreserve.gov

Thank you for the opportunity to speak to you today.1 In my remarks, I would like to address a key question facing economists, policymakers, and people all over the world: How will artificial intelligence, particularly generative artificial intelligence, or GenAI, affect workers and the labor market in the years ahead? Before I turn to that issue, I'd like to touch on a topic that I expect is also of interest: the outlook for the U.S. economy and the implications for monetary policy. The U.S. economy entered this quarter in a relatively strong position: The unemployment rate has been low and stable, and the ... (full story)