Technology Shocks, the AI Boom, and the U.S. Current Account

Giuseppe Fiori, Colleen Lipa and Erik Nuenninghoff
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Giuseppe Fiori: https://www.federalreserve.gov/econres/giuseppe-fiori.htm

No 2026-07-14, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: The current artificial intelligence (AI) investment boom in the United States provides a powerful boost to imports of high-technology capital goods. The AI buildout bears the hallmarks of an investment-specific technology shock—a process in which rapid technological progress makes each new generation of capital equipment significantly cheaper and more powerful than the last, but where reaping those efficiency gains requires continuous and substantial investment to acquire and deploy the new vintage of capital goods.

Date: 2026-07-14
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:103554

DOI: 10.17016/2380-7172.4106

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