The Bank of England is co-hosting the 12th annual international macroeconomics workshop with the Bank of France and the Bank of Italy, bringing together central bank researchers and academic economists to discuss the most pressing questions in global monetary policy.
The workshop, which has become one of the more important gatherings of its kind in the European central banking calendar, will focus on three themes that reflect the current preoccupations of monetary policymakers: the transmission of interest rate changes through the economy, the interaction between fiscal and monetary policy in an era of high public debt, and the implications of artificial intelligence for productivity, employment and inflation.
The prominence of AI on the agenda is notable and reflects a growing recognition among central bankers that the technology could have macroeconomic effects comparable to the industrial revolutions of the past. The question is whether AI will boost productivity enough to raise trend growth without generating inflation, or whether the adjustment costs — in employment, in inequality, in sectoral dislocation — will create headwinds that monetary policy will have to navigate.
The workshop is closed to the public, but papers presented are typically published as working papers and made available through the banks' research websites. The Bank of England's chief economist described the workshop as an essential part of the central bank's commitment to evidence-based policy. "We cannot make good decisions without good research," he said. "This workshop helps us do both."
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