Lars Christensen on AI and its Impact on Monetary Policy and the Broader Field of Economics

拉尔斯·克里斯滕森 (Lars Christensen) 谈人工智能及其对货币政策和更广泛经济学领域的影响

Macro Musings with David Beckworth

教育

2024-06-10

52 分钟
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Lars Christensen is a founding member of the market monetarist tradition, an entrepreneur in the AI space, and is also a returning guest to Macro Musings. Lars rejoins the podcast to talk about AI and its implications for the economy and for monetary policy. David and Lars also discuss the basics and implications of dynamic pricing, AI’s growing use within econometric analysis, how AI will impact the Fed and its policymaking, and much more.   Transcript for this week’s episode.   Lars’s Twitter: @MaMoMVPY Lars’s blog   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *From Merchants to Quants: The Digital Revolution in Retail* by Lars Christensen   *Less Than Zero: The Case for a Falling Price Level in a Growing Economy* by George Selgin   Timestamps:   (00:00:00) – Intro   (00:01:16) – Lars’s Move from Macro to AI   (00:08:02) – The Basics and Implications of Dynamic Pricing   (00:16:17) – Using AI for Econometric Analysis   (00:23:54) – The Implications of AI for the Economics Field   (00:35:45) – How Will AI Impact the Federal Reserve and its Policymaking   (00:38:55) – Deflation as a Response to an AI Driven Productivity Shock   (00:52:08) – Outro   Photo Credit: Nordnet Bank
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  • Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckwourth, a senior research fellow at the Mercator center at George Mason University.

  • And I'm glad you decided to join us.

  • Our guest today is Laura's Christensen.

  • Lars is a former guest of the show, a founding member of the market Monitors tradition and now an entrepreneur in the AI space.

  • Lars joins us today to discuss AI, its implications for the economy and for monetary policy.

  • Lars, welcome back to the show.

  • Lars thank you, David.

  • Great to be back.

  • Well, its great to have you on.

  • We were talking on Twitter, now known as X.

  • I prefer to call it Twitter, so ill use Twitter.

  • We were talking on Twitter about some of the activities you've been doing with AI.

  • And so I want to talk about that later.

  • But you also are an entrepreneur of sorts in AI.

  • You've got your own business.

  • In fact, you're moving, as I understand from a lot of your focus being on macro work to AI.

  • So maybe tell us this story, how you are transitioning towards more of an AI focus.

  • Yeah, well, you know, I've been an economist now for nearly 30 years, and the entire period as a macro economist, first in government, then later in the banking sector, and running my old consultancy later on and doing academic work, has been about standing outside the economy and watching the economy.

  • But there has been this common denominator that data has played a significant role in that we both, of course, come from that market monetary tradition.