Viceguvernator BNR: Impactul inteligenţei artificiale va fi profund, dar va apărea cu întârziere şi se va manifesta inegal / ”Marile inovaţii aduc beneficii doar dacă sunt însoţite de investiţii”

Leonardo Badea, the first deputy governor of the National Bank of Romania, discusses the delayed and uneven impact of artificial intelligence (AI) on productivity. He highlights two opposing views: one optimistic about rapid productivity gains and another skeptical about long-term benefits. Badea draws parallels with the dot-com bubble, emphasizing that while AI could lead to significant productivity improvements, it requires substantial investment and organizational adaptation. He notes that many companies are still in the early stages of integrating AI, which may explain the lack of visible aggregate gains. The implications for central bank policy are significant, as AI could create both demand shocks and deflationary pressures over time.