Since ML can predict unemployment rate, economic processes, can we use machine learning to find a best monetary policy or economic policy?
I believe the answer is “Yes”. EX: Ranking and Optimization.
Hi definitely, see its use in nowcasting, there are a lot of federal reserve banks doing research about the subject.
The answer is yes, machine learning is useful for macroeconomic forecasting by capturing important nonlinearities that arise in the context of uncertainty and financial frictions.