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The Data Revolution and Economic Analysis

Author

Listed:
  • Liran Einav

    (Stanford University)

  • Johnathan Levin

    (NBER)

Abstract

Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we measure, track and describe economic activity. They also can enable novel research designs that allow researchers to trace the consequences of different events or policies. We outline some of the challenges in accessing and making use of these data. We also consider whether the big data predictive modeling tools that have emerged in statistics and computer science may prove useful in economics.

Suggested Citation

  • Liran Einav & Johnathan Levin, 2013. "The Data Revolution and Economic Analysis," Discussion Papers 12-017, Stanford Institute for Economic Policy Research.
    • Handle: RePEc:sip:dpaper:12-017
    as

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    File URL: http://www-siepr.stanford.edu/repec/sip/12-017.pdf
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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