Forecasting Inflation with Augmented Intelligence
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Authors
Siddamsetty, Vishnu Priya
Sadamsetty, Adwaitha
Issue Date
2023-03-24
Type
Other
Language
en_US
Keywords
Augmented Intelligence (AuI) , United States Inflation Rate , Inflation Rate Prediction
Alternative Title
Abstract
Augmented intelligence (AuI) combines human and artificial intelligence to optimize prediction accuracy (Yau et al., 2021). In this project we will follow a novel approach to predict the U.S. inflation rate by integrating an artificial intelligence (Al) model with a human prediction to reach a final forecast. Previous research has addressed the challenge of forecasting inflation rates or CPI (consumer price index). From seminal works of Burmeister et al. (1986) and Nelson and Schwert (1977) to more recent studies of Gabrielyan (2019), and Yand and Guo (2021 ). Although AuI can reach more accurate predictions, there has not been a study conducted using AuI to forecast U.S. inflation rate. Therefore, we apply AuI for inflation rate prediction to bridge the gap within the academic body of knowledge, and practically contribute by helping the federal reserve with more accurate projections of inflation rates.
Description
UB Rise 2023
School of Business