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Central banks lean into era of big data

Machine learning applications that use big data are increasingly helping central banks to conduct research and make decisions, according to a new BIS paper.

The European Central Bank in Frankfurt, Germany
The European Central Bank in Frankfurt, Germany (AN/Dinu Dominic Manns)

BASEL, Switzerland (AN) — Machine learning applications that use big data are increasingly being turned to by central banks to help conduct research and make decisions about monetary policy and financial stability, according to a new paper on Thursday from the Bank for International Settlements.

With the growth and collection of larger and more complex data sets, the uses of machine learning — a subfield of artificial intelligence that uses applications to extract knowledge from data — are proliferating to power everything from virtual personal assistants and video surveillance to social media and online fraud detection.

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