ETNET NEWS AGENCY (Nov 16) - Federal Reserve Chair Washer attended the International Monetary Fund (IMF) and World Bank annual fall meetings in Bangkok on Friday, where he engaged in an in-depth dialogue with IMF Managing Director Georgieva, discussing views on the global economy and the artificial intelligence (AI) boom.
Washer believes that under the current geopolitical tensions, the global economic fundamentals are stronger than expected, 'the resilience demonstrated by most G20 economies far exceeds what the market predicted five or six months ago.'
Regarding AI, Washer stated, 'This is probably the most far-reaching transformation for the U.S. and global economy that I have ever seen in my lifetime,' which will bring tremendous benefits to the U.S. economy. He believes AI tools can significantly improve the central bank's ability to process data, allowing for more accurate assessments of economic trends and fundamentally changing the way monetary policy is implemented.
He believes that in the short term, AI will first boost aggregate demand, while in the medium to long term, it can bring positive supply shocks, enhance productivity, and generate a 'disinflationary' effect.
He revealed that the Federal Reserve has specially established a 'Task Force on Productivity and Employment' to address issues including the economic impacts of AI. The first hearing will be held in San Francisco on November 16. (yc)
Washer believes that under the current geopolitical tensions, the global economic fundamentals are stronger than expected, 'the resilience demonstrated by most G20 economies far exceeds what the market predicted five or six months ago.'
Regarding AI, Washer stated, 'This is probably the most far-reaching transformation for the U.S. and global economy that I have ever seen in my lifetime,' which will bring tremendous benefits to the U.S. economy. He believes AI tools can significantly improve the central bank's ability to process data, allowing for more accurate assessments of economic trends and fundamentally changing the way monetary policy is implemented.
He believes that in the short term, AI will first boost aggregate demand, while in the medium to long term, it can bring positive supply shocks, enhance productivity, and generate a 'disinflationary' effect.
He revealed that the Federal Reserve has specially established a 'Task Force on Productivity and Employment' to address issues including the economic impacts of AI. The first hearing will be held in San Francisco on November 16. (yc)
