Welcoming Remarks By Governor Cook At The 5th Annual Conference On “nontraditional Data, Machine Learning, And Natural Language Processing In Macroeconomics”

This article discusses the 5th annual conference on “Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics.” It is an international partnership between academics, central banks, statistical agencies, and international organizations, with the Bank of Italy, the Bank of Canada, and the Swedish Riksbank hosting recent editions. The conference brings together academics and practitioners to think carefully about the conceptual framework that macroeconomic policymakers use to inform their decisions and to push for advancements that could lead to improved economic outcomes. The Federal Reserve uses a broad array of government and private-sector data to continually assess the state of the economy, inform their outlook for economic activity, and evaluate the risks around that outlook.