Economic Outlook
Thank you, Christa.
谢谢你，克里斯塔。
It is wonderful to be with you here on the University of Virginia's beautiful campus.
很高兴与大家一起来到弗吉尼亚大学美丽的校园。
This is my first visit here as an adult.
这是我作为成年人第一次来这里。
As a child, I was fortunate enough to be able to attend the commencement ceremony of my aunt and uncle, who received their doctoral degrees from UVA several decades ago.
小时候，我很幸运能够参加我的姑姑和叔叔的毕业典礼，他们几十年前在弗吉尼亚大学获得了博士学位。
My family and I are grateful to the University of Virginia for all the educational opportunities it has afforded us over the years.
我和我的家人感谢弗吉尼亚大学多年来为我们提供的所有教育机会。
I look forward to connecting with many of the exceptional students and faculty during my visit.
我期待在访问期间与许多优秀的学生和教师建立联系。
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As a member of the Federal Reserve Board, I always find it a pleasure to hear from people in communities across the country and to share some views of my own.
作为联邦储备委员会的成员，我总是很高兴听到全国各地社区人们的声音并分享我自己的一些观点。
At the Fed, I am committed to pursuing the best policy to achieve the dual-mandate goals given to us by Congress of maximum employment and price stability.
在美联储，我致力于奉行最佳政策，以实现国会赋予我们的最大就业和价格稳定的双重使命目标。
Today, I would like to share with you my outlook for the economy, including some international comparisons of productivity and inflation, and offer my views on U.S. monetary policy.
今天，我想与大家分享我对经济的展望，包括生产率和通胀的一些国际比较，并提出我对美国货币政策的看法。
Broadly, I view the economy as being in a good position.
总体而言，我认为经济状况良好。
Inflation has substantially eased from its peak in mid-2022, though core inflation remains somewhat elevated.
尽管核心通胀仍处于一定水平，但通胀已从 2022 年中期的峰值大幅回落。
Unemployment remains historically low, but the labor market is no longer overheated.
失业率仍处于历史低位，但劳动力市场不再过热。
Economic growth has been robust this year, and I forecast the expansion will continue.
今年经济增长强劲，我预计扩张将持续下去。
Looking ahead, I remain confident that inflation is moving sustainably toward our 2 percent objective, even if the path is occasionally bumpy.
展望未来，我仍然相信通胀将可持续地朝着我们 2% 的目标迈进，即使道路偶尔会崎岖不平。
Meanwhile, I see employment risks as weighted to the downside, but those risks appear to have diminished somewhat in recent months.
与此同时，我认为就业风险偏于下行，但近几个月这些风险似乎有所减弱。
Inflation Inflation, as measured by the personal consumption expenditures (PCE) price index, has eased notably from a peak of 7.2 percent in June 2022.
通货膨胀 以个人消费支出 (PCE) 价格指数衡量的通货膨胀已较 2022 年 6 月 7.2% 的峰值显着放缓。
Estimates based on the consumer price index and other data released last week indicate that total PCE prices rose 2.3 percent over the 12 months ending in October.
根据消费者价格指数和上周发布的其他数据进行的估算表明，截至 10 月份的 12 个月中 PCE 总价格上涨了 2.3%。
Core PCE prices—which exclude the volatile food and energy categories—increased 2.8 percent, down from a peak of 5.6 percent in February 2022.
核心 PCE 价格（不包括波动较大的食品和能源类别）上涨 2.8%，低于 2022 年 2 月 5.6% 的峰值。
Despite this significant progress on disinflation, the elevated core figure suggests that we have further to go before credibly achieving our inflation target of 2 percent.
尽管在通货紧缩方面取得了重大进展，但核心数据的上升表明，在可靠地实现 2% 的通胀目标之前，我们还有更进一步的路要走。
Although most price indicators suggest that progress is ongoing, I anticipate bumps along the road.
尽管大多数价格指标表明进展仍在继续，但我预计前进道路上会遇到坎坷。
For instance, when measured on a monthly basis, estimated core PCE inflation stepped up in September and October after four months of lower readings.
例如，按月计算时，预计核心个人消费支出通胀率在经历了四个月的较低读数后，在 9 月和 10 月有所上升。
Even so, I still see headline and core inflation falling to 2.2 percent next year and to lower levels after that.
即便如此，我仍然预计明年总体通胀率和核心通胀率将降至 2.2%，并在之后降至更低水平。
Moreover, disinflation has been widespread across a broad range of goods and services.
此外，通货紧缩在多种商品和服务中普遍存在。
Taken together, recent data support my view that the disinflationary process is continuing.
总而言之，最近的数据支持了我的观点，即通货紧缩过程仍在继续。
Thinking of the components of inflation, core goods and core services inflation excluding housing are now at rates consistent with previous periods when inflation averaged about 2 percent.
考虑到通胀的组成部分，不包括住房在内的核心商品和核心服务通胀率目前与之前时期的通胀率一致，当时通胀率平均约为 2%。
As a result, housing services account for most of the excess of core inflation over our target.
因此，住房服务占核心通胀超出我们目标的大部分。
Despite a slowing in rent increases for new tenants over the past two years, recent research from the Federal Reserve Bank of Cleveland suggests that existing rents for continuing tenants may still be notably below new tenant rent levels.
尽管过去两年新租户的租金涨幅放缓，但克利夫兰联邦储备银行最近的研究表明，现有租户的现有租金可能仍明显低于新租户的租金水平。
2 Existing rents rising toward market rent levels is keeping housing services inflation temporarily elevated.
2 现有租金上涨至市场租金水平，导致住房服务通胀暂时升高。
My view is that housing services inflation will come down gradually over the next two years as the earlier slowing of growth in new tenant rent feeds through into the overall rate.
我的观点是，随着新租户租金增长的早期放缓影响到整体利率，未来两年住房服务通胀将逐渐下降。
Recently, other inflation factors have been subdued.
最近，其他通胀因素受到抑制。
Core import prices have continued to step down from the surprisingly strong pace in the first half of the year.
核心进口价格较上半年出人意料的强劲步伐继续下降。
Global oil prices have fluctuated, largely in response to developments in the Middle East, but are back near the lows reached in late summer.
全球石油价格出现波动，主要是受中东事态发展的影响，但已回到夏末触及的低点附近。
My confidence in continued disinflation is further reinforced by the moderation in wage growth.
工资增长放缓进一步增强了我对持续通货紧缩的信心。
The employment cost index report showed that hourly compensation for private-sector workers rose at a 2.9 percent annual rate in the third quarter, the lowest since 2021.
就业成本指数报告显示，第三季度私营部门工人的时薪年增长率为2.9%，为2021年以来的最低水平。
The 12-month change in average hourly earnings in October was 4 percent, down from 4.3 percent during the previous year.
10 月份平均每小时收入的 12 个月变化为 4%，低于去年同期的 4.3%。
The wage premium for job switchers, a significant contributor to wage growth early in the pandemic recovery, has largely disappeared, according to data from the Federal Reserve Bank of Atlanta.
亚特兰大联邦储备银行的数据显示，跳槽者的工资溢价是大流行复苏初期工资增长的重要贡献者，但目前已基本消失。
Labor Market Turning to the labor market, on balance, recent data suggest that it remains solid.
劳动力市场 谈到劳动力市场，总的来说，最近的数据表明劳动力市场仍然稳健。
Monthly increases in firms' payrolls have slowed from earlier this year but are consistent with only a gradual cooling in the labor market.
企业薪资的月度增幅较今年早些时候有所放缓，但与劳动力市场的逐渐降温相一致。
The October employment report did show a sharp slowdown in job creation, but that was largely due to the temporary effects of recent hurricanes and a labor strike.
十月份就业报告确实显示就业岗位创造急剧放缓，但这主要是由于最近飓风和工人罢工的暂时影响。
While economists and forecasters often focus on aggregate data for the national economy, it is important to acknowledge that hurricanes Helene and Milton resulted in the tragic loss of life and devastating destruction in many parts of the country, including some here in the state of Virginia.
虽然经济学家和预测者经常关注国民经济的总体数据，但重要的是要承认飓风海伦和米尔顿在该国许多地区（包括弗吉尼亚州的一些地区）造成了悲惨的生命损失和毁灭性破坏。
My thoughts remain with those affected communities.
我的心与那些受影响的社区同在。
The Federal Reserve System remains in touch with these communities to help the financial institutions that serve them in any way we can.
美联储与这些社区保持联系，尽我们所能帮助为他们服务的金融机构。
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The broader trend I see is that national job growth is solid but perhaps not quite strong enough to keep unemployment at the current low rate.
我看到的更广泛的趋势是，全国就业增长稳健，但可能还不足以将失业率保持在目前的低水平。
Net hiring so far this year is running somewhat below estimates for what economists call the breakeven pace, or the rate of hiring needed to keep the unemployment rate constant, when accounting for changes to the size of the labor force.
考虑到劳动力规模的变化，今年迄今为止的净招聘人数略低于经济学家所谓的盈亏平衡速度（即保持失业率恒定所需的招聘速度）的估计。
With job growth coming in below the breakeven pace, which was likely more than 200,000 jobs a month over the past year, the unemployment rate has risen from a historical low of 3.4 percent in April 2023 to 4.1 percent in October.
由于就业增长低于盈亏平衡速度（过去一年每月可能有超过 20 万个就业岗位），失业率已从 2023 年 4 月的历史低点 3.4% 上升至 10 月的 4.1%。
Other data are also consistent with a gradual cooling in labor demand.
其他数据也与劳动力需求逐渐降温相一致。
The vacancies-to-unemployment ratio has fallen from a peak of 2.0 in 2022 to 1.1 in September, slightly below where it stood just before the pandemic.
职位空缺与失业率比率已从 2022 年的峰值 2.0 降至 9 月的 1.1，略低于大流行前的水平。
The rate at which workers are quitting their jobs continued to slide in recent months to well below its pre-pandemic level, which could indicate that workers are less optimistic about finding a better job should they leave their current role.
近几个月来，工人辞职率持续下滑，远低于大流行前的水平，这可能表明，如果工人离开目前的职位，他们对找到更好的工作并不那么乐观。
Notably, firms' hiring rates and hiring plans remain subdued, while workers report reduced availability of jobs.
值得注意的是，企业的招聘率和招聘计划仍然低迷，而工人则报告工作机会减少。
Although layoffs remain low, less hiring makes it harder for labor market entrants and reentrants to find jobs.
尽管裁员率仍然很低，但招聘减少使劳动力市场进入者和重新进入者更难找到工作。
Also, our contacts report that employers are being more selective, waiting to find workers with the skills they seek, rather than pursuing a hire-and-train strategy.
此外，我们的联系人报告称，雇主更加挑剔，等待找到具有他们所需技能的工人，而不是采取雇佣和培训策略。
Overall, I see a labor market that has largely normalized after being overheated because of pandemic disruptions and dislocations.
总体而言，我认为劳动力市场在因大流行破坏和混乱而过热之后已基本正常化。
The labor market is in a good position—with the supply and demand for workers being roughly in balance—such that it is no longer a source of inflationary pressure in the economy.
劳动力市场状况良好，劳动力供需基本平衡，不再是经济通胀压力的来源。
I will continue to watch incoming data carefully and remain attuned to signs of undesirable further cooling in the labor market.
我将继续仔细观察传入的数据，并随时关注劳动力市场进一步降温的迹象。
Economic Output and Productivity Growth Along with generally solid labor market data and moderating inflation, recent indicators show economic activity moving along at a strong pace.
经济产出和生产率增长 随着劳动力市场数据总体稳健和通胀放缓，近期指标显示经济活动强劲发展。
Real gross domestic product (GDP) increased at a 2.8 percent annual rate in the third quarter, consistent with the solid growth recorded in the first half of the year.
第三季度实际国内生产总值（GDP）按年率增长 2.8%，与上半年的稳健增长一致。
American consumers remain resilient, with broad-based gains in household spending on both goods and services.
美国消费者仍然保持弹性，家庭在商品和服务方面的支出广泛增长。
This supports broader economic growth because consumer spending constitutes roughly two-thirds of GDP.
这支持了更广泛的经济增长，因为消费者支出约占国内生产总值的三分之二。
Spending at retailers and restaurants rose 2.8 percent in October from a year earlier, a faster 12-month rate of increase than the prior two months.
10 月份零售商和餐馆的支出同比增长 2.8%，这 12 个月的增幅比前两个月更快。
Recent data revisions show that household income and savings have been higher than previously thought, improving the outlook for consumer spending and GDP growth.
最近的数据修正显示，家庭收入和储蓄高于此前预期，改善了消费者支出和 GDP 增长的前景。
It is remarkable that the U.S. economy has been growing rapidly even as inflation has been declining significantly over the past two years.
值得注意的是，尽管过去两年通胀大幅下降，但美国经济却一直在快速增长。
One reason why this solid growth could be occurring is that potential growth, or the maximum rate at which an economy can grow without causing inflation over the medium term, may have increased.
这种稳健增长的原因之一是潜在增长，或者说经济体在不引起中期通胀的情况下增长的最高速度，可能已经增加。
One factor that appears to have supported both potential and actual growth is a faster pace of productivity gains.
支持潜在和实际增长的因素之一似乎是生产率提高的步伐加快。
Recent data indicate labor productivity has grown at a 1.8 percent annual rate since the end of 2019, surpassing its 1.5 percent growth rate over the previous 12 years.
最新数据显示，自2019年底以来，劳动生产率年增长率为1.8%，超过了过去12年1.5%的增长率。
Several forces could have boosted productivity in recent years.
近年来，有多种力量可能提高了生产力。
As I discussed in a recent speech in South Carolina, the U.S. experienced a surge in new business formation since the start of the pandemic.
正如我最近在南卡罗来纳州的一次演讲中所讨论的那样，自疫情爆发以来，美国新企业的形成激增。
4 These newer firms are more likely to innovate and adopt new technologies and business processes, thus boosting productivity.
4 这些新公司更有可能创新并采用新技术和业务流程，从而提高生产力。
Two other factors boosting productivity relate in part to changes in the U.S. economy during and after the pandemic.
另外两个提高生产率的因素在一定程度上与大流行期间和之后美国经济的变化有关。
Worker reallocation across jobs and locations surged early in the pandemic and remained high for some time.
疫情初期，员工在工作和地点之间的重新分配激增，并在一段时间内保持在较高水平。
There is some research suggesting that such reallocation resulted in better and more productive matches between some workers and jobs, thus raising labor productivity.
有一些研究表明，这种重新分配导致了一些工人和工作之间更好、更有成效的匹配，从而提高了劳动生产率。
5 At the same time, severe labor shortages during the post-pandemic recovery spurred many businesses to invest in labor-saving technologies and to restructure aspects of production more efficiently, which may also have given at least a one-time boost to productivity.
5 与此同时，疫情后复苏期间严重的劳动力短缺促使许多企业投资于劳动力节省型技术，并更有效地重组生产环节，这也可能至少一次性提高了生产率。
More broadly, the continued sizable investment in new technologies may promote ongoing strength in productivity growth.
更广泛地说，对新技术的持续大量投资可能会促进生产率持续增长。
Much of this investment has gone toward artificial intelligence (AI), which has the potential to transform many aspects of the economy and job market, as I discussed in speeches earlier this fall.
大部分投资都投向了人工智能（AI），正如我在今年秋天早些时候的演讲中所讨论的那样，人工智能有可能改变经济和就业市场的许多方面。
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International Comparisons Compared with productivity abroad, recent U.S. productivity growth looks quite exceptional.
国际比较 与国外的生产率相比，美国近期的生产率增长看起来相当出色。
As shown in figure 1 , before the pandemic, the U.S. had faster productivity growth—as shown by the green portion of the bars—than other advanced economies, but the difference was small.
如图 1 所示，在大流行之前，美国的生产率增长速度（如条形的绿色部分所示）比其他发达经济体更快，但差异很小。
Since the pandemic, however, U.S. productivity growth has far exceeded that of Europe, Canada, and Australia, as shown in figure 2 .
然而，自疫情以来，美国的生产率增长远远超过了欧洲、加拿大和澳大利亚，如图2所示。
To explain this notable outperformance, some have highlighted our country's relatively flexible labor market and greater business dynamism compared with these other economies.
为了解释这一显着的优异表现，一些人强调了与其他经济体相比，我国相对灵活的劳动力市场和更大的商业活力。
8 Moreover, to the extent that investment in technology has been a driver of cross-country differences, it is notable that private investment in AI has been much higher in the U.S. than abroad.
8 此外，就技术投资一直是跨国差异的驱动因素而言，值得注意的是，美国对人工智能的私人投资远高于国外。
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This productivity outperformance is likely a main reason why U.S. GDP growth has been stronger than that of foreign economies; the path of inflation, however, has largely been similar across the globe.
生产率的优异表现可能是美国 GDP 增长强于外国经济体的主要原因；然而，全球范围内的通货膨胀路径基本相似。
As shown in figure 3 , inflation in the U.S. and abroad rose sharply in 2021 and 2022, amid supply bottlenecks and a post-pandemic recovery in demand.
如图3所示，在供应瓶颈和疫情后需求复苏的情况下，美国和海外的通胀在2021年和2022年大幅上升。
Inflation reached a higher peak in European economies that were most directly affected by the energy price shock from Russia's war in Ukraine.
受俄罗斯乌克兰战争能源价格冲击最直接影响的欧洲经济体的通胀达到了更高的峰值。
Inflation has since declined globally as supply normalized and monetary policy tightening restrained demand.
此后，随着供应正常化和货币政策紧缩抑制需求，全球通胀有所下降。
U.S. inflation, as shown by the black line, is nearly back to its 2 percent target level, while core inflation, as shown in figure 4 , has come down but remains somewhat above 2 percent.
如图黑线所示，美国通胀率已接近 2% 的目标水平，而核心通胀率（如图 4 所示）有所下降，但仍略高于 2%。
Monetary Policy As I stated, the totality of the data suggests that a disinflationary trajectory is still in place and that the labor market is gradually cooling.
货币政策 正如我所说，总体数据表明通缩轨迹仍然存在，劳动力市场正在逐渐降温。
As such, I view the risks to achieving the Federal Reserve's dual mandate of maximum employment and price stability as being roughly in balance.
因此，我认为实现美联储充分就业和物价稳定双重使命的风险大致平衡。
Consistent with those balanced risks, in my view, it likely will be appropriate to move the policy rate toward a more neutral stance over time.
在我看来，与这些平衡的风险一致，随着时间的推移，将政策利率转向更加中性的立场可能是合适的。
My colleagues on the Federal Open Market Committee and I acted earlier this month to lower the target range for the federal funds rate by 1/4 percentage point.
我和联邦公开市场委员会的同事本月早些时候采取行动，将联邦基金利率的目标范围降低了 1/4 个百分点。
That action came after we reduced the rate by 1/2 percentage point in September.
我们在 9 月份将利率降低了 1/2 个百分点后采取了这一行动。
Together, these moves were a strong step toward removing policy restriction.
总之，这些举措是朝着消除政策限制迈出的强有力的一步。
Going forward, I still see the direction of the appropriate policy rate path to be downward, but the magnitude and timing of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.
展望未来，我仍然认为适当的政策利率路径方向是下行，但降息的幅度和时机将取决于即将发布的数据、不断变化的前景以及风险平衡。
I do not view policy as being on a preset course, and I am ready to respond to a changing outlook.
我不认为政策是按预设路线进行的，而且我已准备好应对不断变化的前景。
In fact, I find it helpful to consider a range of scenarios when thinking about the path of policy.
事实上，我发现在思考政策路径时考虑一系列场景很有帮助。
If the labor market and inflation continue to progress in line with my forecast, it could well be appropriate to lower the level of policy restriction over time until we near the neutral rate of interest, or the point when monetary policy is neither stimulating nor restricting economic growth.
如果劳动力市场和通胀继续按照我的预测发展，那么随着时间的推移，降低政策限制水平很可能是适当的，直到我们接近中性利率，或者货币政策既不刺激也不限制经济增长的点。
However, if inflation progress slows and the labor market remains solid, I could see a scenario where we pause along the downward path.
然而，如果通胀进展放缓且劳动力市场保持稳定，我可能会看到我们在下行道路上暂停的情况。
Alternatively, should the labor market weaken in a substantial way, it could be appropriate to ease policy more quickly.
或者，如果劳动力市场大幅疲软，则可能需要更快地放松政策。
My policy decisions will be guided by our dual mandate of maximum employment and stable prices, and I know delivering on those goals will produce the best economic outcomes for all Americans.
我的政策决定将以最大限度就业和稳定物价的双重使命为指导，我知道实现这些目标将为所有美国人带来最好的经济成果。
Thank you for having me here today.
谢谢你今天邀请我来到这里。
I look forward to your questions.
我期待您的提问。
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The views expressed here are my own and not necessarily those of my colleagues on the Federal Open Market Committee.
这里表达的观点是我自己的观点，不一定是联邦公开市场委员会同事的观点。
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2.
2.
See Lara Loewenstein, Jason Meyer, and Randal J.
参见 Lara Loewenstein、Jason Meyer 和 Randal J.
Verbrugge (2024), "New-Tenant Rent Passthrough and the Future of Rent Inflation," Economic Commentary 2024-17 (Cleveland: Federal Reserve Bank of Cleveland, October).
Verbrugge (2024)，“新租户租金传递和租金通胀的未来”，经济评论 2024-17（克利夫兰：克利夫兰联邦储备银行，10 月）。
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3.
3.
See Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and State Financial Regulators (2024), "Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices regarding Financial Institutions Affected by Hurricane Helene," joint press release.
请参阅联邦储备系统理事会、联邦存款保险公司、国家信用合作社管理局、货币监理署和州金融监管机构 (2024)，“联邦和州金融监管机构就受飓风海伦影响的金融机构的监管实践发布机构间声明”，联合新闻稿。
See also Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Florida Office of Financial Regulation, National Credit Union Administration, and Office of the Comptroller of the Currency (2024), "Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices regarding Financial Institutions Affected by Hurricane Milton," joint press release.
另请参阅联邦储备系统理事会、联邦存款保险公司、佛罗里达州金融监管办公室、国家信用合作社管理局和货币监理署 (2024)，“联邦和州金融监管机构就受飓风米尔顿影响的金融机构的监管做法发布机构间声明”，联合新闻稿。
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4.
4.
Lisa D.
丽莎 D.
Cook (2024), "Entrepreneurs, Innovation, and Participation," speech delivered at the 2024 Women for Women Summit, Charleston, S.C., October 10.
库克 (2024)，“企业家、创新和参与”，10 月 10 日在南卡罗来纳州查尔斯顿举行的 2024 年女性女性峰会上发表的演讲。
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5.
5.
See David Autor, Arindrajit Dube, and Annie McGrew (2023), "The Unexpected Compression: Competition at Work in the Low Wage Labor Market," NBER Working Paper Series 31010 (Cambridge, Mass.: National Bureau of Economic Research, March; revised May 2024).
请参阅 David Autor、Arindrajit Dube 和 Annie McGrew (2023)，“意外压缩：低工资劳动力市场中的工作竞争”，NBER 工作论文系列 31010（马萨诸塞州剑桥：国家经济研究局，3 月；2024 年 5 月修订）。
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6.
6.
See Lisa D.
参见丽莎 D.
Cook, "Artificial Intelligence, Big Data, and the Path Ahead for Productivity," speech delivered at "Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work," a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, Atlanta, Georgia, held in Atlanta, Ga., October 1.
库克在“技术驱动的颠覆：人工智能、大数据和远程工作的影响”会议上发表演讲，题为“人工智能、大数据和生产力的未来之路”，该会议由亚特兰大、波士顿和佐治亚州亚特兰大里士满联邦储备银行于 10 月 1 日在佐治亚州亚特兰大举行。
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7.
7.
See Lisa D.
参见丽莎 D.
Cook, "What Will Artificial Intelligence Mean for America's Workers?" speech delivered at The Ohio State University, Columbus, Ohio, September 26.
库克，“人工智能对美国工人意味着什么？” 9 月 26 日在俄亥俄州哥伦布市俄亥俄州立大学发表演讲。
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8.
8.
See François de Soyres, Joaquin Garcia-Cabo Herrero, Nils Goernemann, Sharon Jeon, Grace Lofstrom, and Dylan Moore (2024), "Why is the U.S. GDP Recovering Faster than other Advanced Economies?" FEDS Notes (Washington: Board of Governors of the Federal Reserve System, May 17).
请参阅 François de Soyres、Joaquin Garcia-Cabo Herrero、Nils Goernemann、Sharon Jeon、Grace Lofstrom 和 Dylan Moore (2024)，“为什么美国 GDP 复苏速度快于其他发达经济体？” FEDS 注释（华盛顿：联邦储备系统理事会，5 月 17 日）。
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9.
9.
See Chirag Chopra, Ankit Kasare, and Piyush Gupta (2024), "How Venture Capital is Investing in AI in the Top Five Global Economies—and Shaping the AI Ecosystem," World Economic Forum, May 24.
请参阅 Chirag Chopra、Ankit Kasare 和 Piyush Gupta (2024)，“风险投资如何在全球前五经济体投资人工智能——并塑造人工智能生态系统”，世界经济论坛，5 月 24 日。
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