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This review article synthesizes the burgeoning literature on the intersection of (generative) artificial intelligence (AI) and finance. We organize our review around six key areas: (1) the emergent role of generative AI, especially large language models (LLMs), as analytic tools, external shocks to the economy, and autonomous economic agents; (2) corporate finance, focusing on how firms respond to and benefit from AI; (3) asset pricing, examining how AI brings novel methodologies for return predictability, stochastic discount factor estimation, and investment; (4) household finance, investigating how AI promotes financial inclusion and improves financial services; (5) labor economics, analyzing AI’s impact on labor market dynamics; and (6) the risks and challenges associated with AI in financial markets. We conclude by identifying unanswered questions and discussing promising avenues for future research.
Mo et al. (Thu,) studied this question.
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