On October 1, Fed Board of Governors Member Lisa D. Cook delivered remarks titled “Artificial Intelligence, Big Data, and the Path Ahead for Productivity” at a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond. She addressed the implications of new technologies on productivity by emphasizing the uncertainty surrounding AI’s impact on labor markets and productivity. While AI adoption is becoming more widespread, Cook stated that its effect on productivity and employment remains unclear.
Cook highlighted that AI and generative AI could drive significant productivity gains across industries. She cited a study from the Federal Reserve Bank of St. Louis finding that generative AI was being adopted faster than previous technologies like the internet and personal computers. Despite its potential, Cook noted that recent productivity gains have been modest. AI productivity improvements depend on firms, workers and policymakers. She mentioned that adapting AI to specific business contexts can be complex and time-consuming, requiring significant investments and organizational changes.
