Generative AI for Economic Research Use Cases and Implications for Economists

Abstract: Generative artificial intelligence (AI) has the potential to revolutionize research. I analyze how large language models (LLMs) such as ChatGPT can assist economists by describing dozens of use cases in six areas: ideation and feedback, writing, back-ground research, data analysis, coding, and mathematical derivations. I provide gen-eral instructions and demonstrate specific examples of how to take advantage of each of these, classifying the LLM capabilities from experimental to highly useful. I argue that economists can reap significant productivity gains by taking advantage of gener-ative AI to automate micro-tasks. Moreover, these gains will grow as the performance of AI systems continues to improve. I also speculate on the longer-term implications of AI-powered cognitive automation for economic research. The online resources asso-ciated with this paper explain how to get started and will provide regular updates on the latest capabilities of generative AI in economics. (JEL A11, C45, D83, I23, O33)