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Presidential Address: Macroeconomics and Online Prices

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  • Roberto Rigobón

Abstract

The availability of micro pricing data has produced an empirical revolution in macroeconomics. Two events were the main culprits: First, nation statistical offices allowed economists to study the data underlying the construction of the CPI, letting our profession the chance to tackle many questions that have been open for decades. Second, scanner data coming from several supermarkets and merchandizing companies were made available as well. Again, offering a great opportunity for research. In fact, the earlier literature addressed questions on price rigidity, law of one price, cost and exchange rate pass-through, international market segmentations, and many others using aggregate price indexes. The aggregation and the procedures behind the construction of those indexes mask several economic phenomena. The availability of more detailed data allowed the profession to take a closer look at old questions.

Suggested Citation

  • Roberto Rigobón, 2015. "Presidential Address: Macroeconomics and Online Prices," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 199-213, February.
  • Handle: RePEc:col:000425:012575
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    Cited by:

    1. Philip ME Garboden, 2019. "Sources and Types of Big Data for Macroeconomic Forecasting," Working Papers 2019-3, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.

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