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Musalem: How Should the Promise of Higher Productivity Growth Change the Reality of Monetary Policy Today?

From stlouisfed.org

Good afternoon. I would like to thank Governor Jónsson for the invitation to the conference and for the opportunity to address you today. 1 I will focus my remarks on productivity growth and implications for monetary policy. This topic has generated considerable interest in the United States, where excitement about artificial intelligence (AI) has reached a fever pitch. Yet productivity growth is a broader topic than just AI. Before I get started, let me stress that these are my views and not necessarily those of my FOMC colleagues.2 Let me also note that I am an avid user of AI. I have six AI tools on the home ... (full story)

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