The Rise of Generative AI: How ChatGPT and Similar Tools Could Revolutionize and Augment Economic Research

Generative AI (genAI) like ChatGPT is advancing rapidly and expected to revolutionize economic research by assisting with tasks like ideation, writing, coding, and math.

GenAI can help teach economics by solving models, creating exams, and summarizing texts.

An AI model developed by the St. Louis Fed made more accurate inflation forecasts than professional economists.

GenAI will likely make economists more productive and efficient rather than take their jobs, at least initially.

But genAI does pose some risk to economist jobs long-term as it gets more advanced at human tasks.