Source: Macroeconomic Policy News
by David Beckworth
“What if Macroeconomists Could Finally Run Experiments? That is the startling implication of a new paper by Tara Sinclair and Sophia Kazinnik, titled ‘FOMC in Silico: A Multi-Agent System for Monetary Policy Decision Modeling.’ Using large language models (LLMs), they built a synthetic FOMC — an ensemble of AI-generated versions of Jerome Powell, Michelle Bowman, Chris Waller, and others — capable of debating, dissenting, engaging in water-cooler talk, and ultimately voting on monetary policy. To be clear, we already have DSGEs and VARs for simulating macroeconomic outcomes under different shocks or policy rules. What Sinclair and Kazinnik are experimenting with is the policymaking process: how a committee of imperfect humans, armed with noisy data and facing political pressure, reaches decisions.” (11/12/25)
https://macroeconomicpolicynexus.substack.com/p/when-the-fed-meets-in-silicon