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Computational Economics
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Unleashing the Potential of Large Language Models in the Finance Industry
https://d.repec.org/n?u=RePEc:osf:osfxxx:ahkd3&r=&r=cmp
Published: January 3, 2025 00:00
The rapid advancements in large language models (LLMs) have ushered in a new era of transformative potential for the finance industry. This paper explores the latest developments in the application of LLMs across key areas of the finance domain,…
Chinese Housing Market Sentiment Index: A Generative AI Approach and An Application to Monetary Policy Transmission
https://d.repec.org/n?u=RePEc:imf:imfwpa:2024/264&r=&r=cmp
Published: December 23, 2024 00:00
We construct a daily Chinese Housing Market Sentiment Index by applying GPT-4o to Chinese news articles. Our method outperforms traditional models in several validation tests, including a test based on a suite of machine learning models. Applying this…
Algorithmic Bot Trading vs. Human Trading: Assessing Retail Trading Implications in Financial Markets
https://d.repec.org/n?u=RePEc:osf:osfxxx:p98zv&r=&r=cmp
Published: December 22, 2024 00:00
Bot trading, or algorithmic trading, has transformed modern financial markets by using advanced technologies like artificial intelligence and machine learning to execute trades with unparalleled speed and efficiency. This paper examines the mechanisms and…
A Reinforcement Learning Algorithm For Option Hedging
https://d.repec.org/n?u=RePEc:rtv:ceisrp:586&r=&r=cmp
Published: December 17, 2024 00:00
We propose an algorithm, based on Reinforcement Learning, to hedge the payoff on a European call option. The algorithm is first tested in a model where the problem has a well known analytic solution, so that we can compare the strategy obtained by the…
Using Generative AI Models to Understand FOMC Monetary Policy Discussions
https://d.repec.org/n?u=RePEc:fip:fedgfn:2024-12-06-1&r=&r=cmp
Published: December 6, 2024 00:00
In an era increasingly shaped by artificial intelligence (AI), the public’s understanding of economic policy may be filtered through the lens of generative AI models (also called large language models or LLMs). Generative AI models offer the promise of…
Predicting College Closures and Financial Distress
https://d.repec.org/n?u=RePEc:fip:fedpwp:99207&r=&r=cmp
Published: December 2, 2024 00:00
In this paper, we assemble the most comprehensive dataset to date on the characteristics of colleges and universities, including dates of operation, institutional setting, student body, staff, and finance data from 2002 to 2023. We provide an extensive…
Understanding Artificial Intelligence in Tax and Customs Administration
https://d.repec.org/n?u=RePEc:imf:imftnm:2024/006&r=&r=cmp
Published: November 21, 2024 00:00
This technical note provides an overview of current thinking on artificial intelligence (AI) in tax and customs administration. Written primarily for senior officials, the intent of the note is to provide an awareness of AI that can help inform decision…
The AI Revolution - Transforming The Monetary Landscape And Job Opportunities
https://d.repec.org/n?u=RePEc:pra:mprapa:122514&r=&r=cmp
Published: November 15, 2024 00:00
While some may view artificial intelligence as a contemporary phenomenon, its roots sink deep into the annals of human ingenuity. Central to the understanding of this domain is the distinction between artificial intelligence (AI) and machine learning (ML).…