Rapid advances in artificial intelligence (AI)-including machine learning, natural language processing, and generative AI -are expanding the ability to extract meaningful insights from non-traditional data sources such as text, speeches, images, and real-time transactions, thereby strengthening...

Different economic agents might respond differently to the same policy action. Information about household and firm heterogeneity can, therefore, enhance central banks' understanding of monetary policy transmission and ultimately its effectiveness. Cross-sectional data can also help central...