IMF Working Papers Volume 2024 Issue 065: The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions (2024)

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The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions

Author:

Mariarosaria Comunale

Mariarosaria Comunale
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and

Andrea Manera

Andrea Manera
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https://orcid.org/0000-0003-2829-0065

Series:: IMF Working Papers

Volume/Issue:: Volume 2024: Issue 065

Language:: English

Publication Date:: 22 Mar 2024

DOI:: https://doi.org/10.5089/9798400268588.001

ISBN:: 9798400268588

ISSN:: 1018-5941

Pages:: 69

Keywords:: Artificial Intelligence (AI); labor market; task exposure; productivity; regulation; governance.; productivity effect; regulation of AI; AI system; AI model; AI technology; Artificial intelligence; Machine learning; Automation; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2024: Issue 065

Language:: English

Publication Date:: 22 Mar 2024

DOI:: https://doi.org/10.5089/9798400268588.001

ISBN:: 9798400268588

ISSN:: 1018-5941

Pages:: 69

Keywords:: Artificial Intelligence (AI); labor market; task exposure; productivity; regulation; governance.; productivity effect; regulation of AI; AI system; AI model; AI technology; Artificial intelligence; Machine learning; Automation; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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We review the literature on the effects of Artificial Intelligence (AI) adoption and the ongoing regulatory efforts concerning this technology. Economic research encompasses growth, employment, productivity, and income inequality effects, while regulation covers market competition, data privacy, copyright, national security, ethics concerns, and financial stability. We find that: (i) theoretical research agrees that AI will affect most occupations and transform growth, but empirical findings are inconclusive on employment and productivity effects; (ii) regulation has focused primarily on topics not explored by the academic literature; (iii) across countries, regulations differ widely in scope and approaches and face difficult trade-offs.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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