The Bank of Canada is currently exploring the potential impact of artificial intelligence (AI) on inflation, according to Governor Tiff Macklem.
In a recent speech at the Canadian Club of Toronto, Macklem stated that the central bank is closely monitoring the development of AI and its potential effects on the economy.
He acknowledged that AI has the potential to significantly change the way businesses operate and how consumers make purchasing decisions. This, in turn, could have an impact on inflation.
Macklem also highlighted the potential benefits of AI, such as increased productivity and efficiency, which could lead to lower prices for goods and services. However, he also noted that there are potential risks, such as job displacement and increased income inequality.
The Bank of Canada is currently conducting research and engaging with experts in the field to better understand the potential impact of AI on inflation. This includes examining how AI is being used in different industries and how it may affect the behavior of businesses and consumers.
Macklem emphasized that the central bank is committed to ensuring that the Canadian economy remains resilient and adaptable in the face of technological advancements. He stated that the Bank of Canada will continue to monitor the situation closely and adjust its policies accordingly.
In conclusion, the Bank of Canada is actively studying the potential impact of AI on inflation and is taking steps to ensure that the Canadian economy is prepared for any changes that may arise.
