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Introductory remarks by Governor Cook, November 13, 2023
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Good morning, and welcome to the 5th annual conference on "Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics."1 In a world with evolving data sources and significant advances in computing, it is important to constantly improve the conceptual framework that macroeconomic policymakers use to inform their critical decisions. This conference brings academics and practitioners together to think carefully about that framework and to push for advancements that could lead to improved economic outcomes. The Federal Reserve hosted the inaugural edition of this gathering in 2019. Since then, the conference has evolved into 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 is also now jointly organized with the Central Bank Research Association and the Economics with Nontraditional Data and Analytical Tools program, which will further enhance its international scope. post: FED'S COOK DOESN'T COMMENT ON MONETARY POLICY IN REMARKS
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