AI stock gains outsize the actual buildout: Furman runs the boom through the Fed's FRB/US model
soumitrashukla9 · x · 2026-11-10
Economist Jason Furman published an analysis of the AI buildout economics using the Federal Reserve's FRB/US model, with a headline finding: the stock market increase has been an even bigger deal than the actual infrastructure build.
Charts show scenarios vs. a no-boom baseline: data centers alone lift real GDP by 0.45% by 2028, rising to 0.77% when stock gains are included; unemployment falls 0.23pp with data centers only, 0.43pp with stock gains added. Dashed lines project the boom held at its 2026Q4 GDP share and stock gains at early-November levels. Furman says more details are coming.
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