Discussion Paper
Investment as a Source of Productivity Growth
Fiori, Giuseppe; Lipa, Colleen; Wu, William (2025-10-15)
Over the past two decades, the divergence in GDP per capita between the United States and major European economies has grown. Relative to 2000, this gap has widened by 41% (see Panel A in Figure 1).
FEDS Notes , Paper 2025-10-15-1

Discussion Paper
Technology Shocks, the AI Boom, and the U.S. Current Account
Fiori, Giuseppe; Lipa, Colleen; Nuenninghoff, Erik (2026-07-14)
The current artificial intelligence (AI) investment boom in the United States provides a powerful boost to imports of high-technology capital goods. The AI buildout bears the hallmarks of an investment-specific technology shock—a process in which rapid technological progress makes each new generation of capital equipment significantly cheaper and more powerful than the last, but where reaping those efficiency gains requires continuous and substantial investment to acquire and deploy the new vintage of capital goods.
FEDS Notes , Paper 2026-07-14