Patrick McKelvey - Latest

• Measuring the AI Economy

  Staff working paper 2026-20 Anton Korinek, Patrick McKelvey

  We construct a macroeconomic estimate of total AI production in the United States, combining inference and R&D/training activities with quality adjustments to account for algorithmic progress. We then develop a nascent framework for "AI GDP" that tracks the AI economy as a coherent whole, complementing traditional national accounts.

  Content Type(s): Staff research, Staff working papers JEL Code(s): C, C4, C43, E, E0, E01, E2, E22, E3, E31, O, O3, O33, O4, O47 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity