In this paper, we show the causal influence of the launch of generative AI in the form of ChatGPT on the search behavior of young people for apprenticeship vacancies. There is a strong and long-lasting decline in the intensity of searches for vacancies, which suggests great uncertainty among the...

Artificial intelligence has the potential to be a valuable competitive force in product and service markets. Yet AI may also pose competitive problems. I identify five big challenges that AI poses for competition. (1) Costly chips. (2) Private data. (3) Network effects. (4) Immobile talent. (5)...

Accurate, real-time measurements of price index changes using electronic records are essential for tracking inflation and productivity in today's economic environment. We develop empirical hedonic models that can process large amounts of unstructured product data (text, images, prices,...

The global shift toward sustainability and increased digitalization is evident. Nations are integrating renewable energy, carbon emission reduction, and advancements in green technologies into their development plans. Simultaneously, Industry 4.0 has revealed the diverse ways technology...

Given the importance attributed to artificial intelligence (AI) and due to its transversal and pervasive nature, many governments worldwide have developed national AI strategies, in a movement of technological competition. So far, 56 countries, plus the European Union (EU), have more or less...

Retrieval-Augmented Generation (RAG) synergistically combines the intrinsic knowledge of LLMs with the huge, dynamic databases of companies. Referencing the basic concept of a RAG ("Naive RAG"), this working paper identifies the critical factors of this cutting-edge architecture and gives hints...

While many companies use algorithms to optimize their pricing, additional human oversight and price interventions are widespread. Human intervention can correct algorithmic flaws and introduce private information into the pricing process, but it may also be based on less sophisticated pricing...

This paper provides concise, nontechnical, step-by-step guidelines on how to conduct a modern meta-analysis, especially in social sciences. We treat publication bias, p-hacking, and heterogeneity as phenomena meta-analysts must always confront. To this end, we provide concrete methodological...

We examine whether artificial intelligence (AI) can decipher European Central Bank's communication. Employing 1769 inter-meeting verbal communication events of the European Central Bank's Governing Council members, we construct an AI-based indicator evaluating whether communication is leaning...

There is limited research assessing how AI knowledge affects employment prospects. The present study defines the term 'AI capital' as a vector of knowledge, skills and capabilities related to AI technologies, which could boost individuals' productivity, employment and earnings. Subsequently, the...