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

Author

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  • Mariarosaria Comunale
  • Andrea Manera

Abstract

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.

Suggested Citation

  • Mariarosaria Comunale & Andrea Manera, 2024. "The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions," IMF Working Papers 2024/065, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/065
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    Cited by:

    1. Jon Danielsson & Andreas Uthemann, 2024. "Artificial intelligence and financial crises," Papers 2407.17048, arXiv.org.
    2. Jean-Charles Bricongne & Baptiste Meunier & Raquel Caldeira, 2024. "Should Central Banks Care About Text Mining? A Literature Review," Working papers 950, Banque de France.
    3. Fossen, Frank M. & McLemore, Trevor & Sorgner, Alina, 2024. "Artificial Intelligence and Entrepreneurship," IZA Discussion Papers 17055, Institute of Labor Economics (IZA).

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