国际清算银行：2026年人工智能与全球经济：对央行的影响报告（英文版）

The AI boom is driving a large, increasingly debt-financed investment surge and boosting trade and equity markets,generating sizeable terms-of-trade and wealth effects that differ across countries.• The productivity payoff from AI, though potentially large, remains uncertain and uneven, across both sectors and countries.• By simultaneously affecting demand and supply, AI blurs cyclical signals, complicating central banks’assessment of underlying economic conditions and monetary policy calibra