IMF Working Papers

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

By Mariarosaria Comunale, Andrea Manera

March 22, 2024

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Mariarosaria Comunale, and Andrea Manera. The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions, (USA: International Monetary Fund, 2024) accessed November 8, 2024

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.

Summary

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.

Subject: Artificial intelligence, Automation, Machine learning, Production, Productivity, Technology

Keywords: AI model, AI system, AI technology, Artificial intelligence, Artificial Intelligence (AI), Automation, Global, Governance., Labor market, Machine learning, Productivity, Productivity effect, Regulation, Regulation of AI, Task exposure

Publication Details

  • Pages:

    69

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2024/065

  • Stock No:

    WPIEA2024065

  • ISBN:

    9798400268588

  • ISSN:

    1018-5941

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