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Online and official price indexes: Measuring Argentina's inflation

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  • Cavallo, Alberto

Abstract

Prices collected from online retailers can be used to construct daily price indexes that complement official statistics. This paper studies their ability to match official inflation estimates in five Latin American countries, with a focus on Argentina, where official statistics have been heavily criticized in recent years. The data were collected between October 2007 and March 2011 from the largest supermarket in each country. In Brazil, Chile, Colombia, and Venezuela, online price indexes approximate both the level and main dynamics of official inflation. By contrast, Argentina's online inflation rate is nearly three times higher than the official estimate.

Suggested Citation

  • Cavallo, Alberto, 2013. "Online and official price indexes: Measuring Argentina's inflation," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 152-165.
  • Handle: RePEc:eee:moneco:v:60:y:2013:i:2:p:152-165
    DOI: 10.1016/j.jmoneco.2012.10.002
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    Cited by:

    1. Pierdzioch, Christian & Rülke, Jan-Christoph & Stadtmann, Georg, 2015. "Central banks’ inflation forecasts under asymmetric loss: Evidence from four Latin-American countries," Economics Letters, Elsevier, vol. 129(C), pages 66-70.
    2. Alberto Cavallo, 2017. "Are Online and Offline Prices Similar? Evidence from Large Multi-channel Retailers," American Economic Review, American Economic Association, vol. 107(1), pages 283-303, January.
    3. repec:eee:intfor:v:34:y:2018:i:2:p:225-234 is not listed on IDEAS
    4. Barcaroli Giulio & Scannapieco Monica & Summa Donato, 2016. "On The Use Of Internet As A Data Source For Official Statistics: A Strategy For Identifying Enterprises On The Web," RIEDS - Rivista Italiana di Economia, Demografia e Statistica - Italian Review of Economics, Demography and Statistics, SIEDS Societa' Italiana di Economia Demografia e Statistica, vol. 70(4), pages 25-41, October-D.
    5. Marc Hofstetter & José Nicolás Rosas, 2018. "The Poor and the Rich: Preferences over Inflation and Unemployment," DOCUMENTOS CEDE 015989, UNIVERSIDAD DE LOS ANDES-CEDE.
    6. Fernandez Sierra, Manuel & Messina, Julián, 2017. "Skill Premium, Labor Supply and Changes in the Structure of Wages in Latin America," IZA Discussion Papers 10718, Institute for the Study of Labor (IZA).
    7. Cruces Guillermo & Fields Gary S. & Jaume David & Viollaz Mariana, 2015. "The growth-employment-poverty nexus in Latin America in the 2000s: Argentina country study," WIDER Working Paper Series 069, World Institute for Development Economic Research (UNU-WIDER).
    8. Drechsel, Thomas & Tenreyro, Silvana, 2018. "Commodity booms and busts in emerging economies," Journal of International Economics, Elsevier, vol. 112(C), pages 200-218.
    9. Alberto Cavallo & Guillermo Cruces & Ricardo Perez-Truglia, 2014. "Inflation Expectations, Learning and Supermarket Prices," NBER Working Papers 20576, National Bureau of Economic Research, Inc.
    10. Chen, Natalie & Juvenal, Luciana, 2016. "Quality, trade, and exchange rate pass-through," Journal of International Economics, Elsevier, vol. 100(C), pages 61-80.
    11. Diego Perez & Andres Drenik, 2015. "Price Setting Under Uncertainty About Inflation," 2015 Meeting Papers 1429, Society for Economic Dynamics.
    12. Méndez Parra, Maximiliano, 2015. "Futures prices, trade and domestic supply of agricultural commodities," Economics PhD Theses 0115, Department of Economics, University of Sussex.
    13. Touzani, Samir & Van Buskirk, Robert, 2016. "Estimating sales and sales market share from sales rank data for consumer appliances," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 451(C), pages 266-276.
    14. Alberto Cavallo & Roberto Rigobon, 2016. "The Billion Prices Project: Using Online Prices for Measurement and Research," Journal of Economic Perspectives, American Economic Association, vol. 30(2), pages 151-178, Spring.
    15. repec:ukb:journl:y:2018:i:243:p:21-32 is not listed on IDEAS
    16. Alberto Cavallo & Guillermo Cruces & Ricardo Perez-Truglia, 2016. "Learning from Potentially Biased Statistics," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(1 (Spring), pages 59-108.
    17. Alberto Cavallo, 2015. "Scraped Data and Sticky Prices," NBER Working Papers 21490, National Bureau of Economic Research, Inc.
    18. Gibbs, Christopher G. & Kulish, Mariano, 2017. "Disinflations in a model of imperfectly anchored expectations," European Economic Review, Elsevier, vol. 100(C), pages 157-174.
    19. Alberto Cavallo & Guillermo Cruces & Ricardo Perez-Truglia, 2017. "Inflation Expectations, Learning, and Supermarket Prices: Evidence from Survey Experiments," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(3), pages 1-35, July.
    20. Fernandez Sierra, Manuel & Messina, Julián, 2017. "Skill Premium, Labor Supply and Changes in the Structure of Wages in Latin America," IZA Discussion Papers 10718, Institute for the Study of Labor (IZA).
    21. Battiston, Diego, 2013. "The impact of immigration on the labour market: Evidence from 20 years of cross-border migration to Argentina," MPRA Paper 52424, University Library of Munich, Germany.
    22. Alberto Cavallo & Guillermo Cruces & Ricardo Perez-Truglia, 2016. "Learning from Potentially Biased Statistics," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 59-108.
    23. repec:bla:istatr:v:85:y:2017:i:3:p:473-493 is not listed on IDEAS

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