1,721,193 research outputs found
Cavallo, Alberto, and Roberto Rigobon (2016) "The Billion Prices Project: Using Online Data for Measurement and Research" - Journal of Economic Perspectives , 31(1) (Spring 2016)
No full textNew data-gathering techniques, often referred to as “Big Data” have the potential to improve statistics and empirical research in economics. In this paper we describe our work with online data at the Billion Prices Project at MIT and discuss key lessons for both inflation measurement and some fundamental research questions in macro and international economics. In particular, we show how online prices can be used to construct daily price indexes in multiple countries and to avoid measurement biases that distort evidence of price stickiness and international relative prices. We emphasize how Big Data technologies are providing macro and international economists with opportunities to stop treating the data as “given” and to get directly involved with data collection
Cavallo, Alberto, and Roberto Rigobon (2016) "The Billion Prices Project: Using Online Data for Measurement and Research" - Journal of Economic Perspectives , 31(1) (Spring 2016)
No full textNew data-gathering techniques, often referred to as “Big Data” have the potential to improve statistics and empirical research in economics. In this paper we describe our work with online data at the Billion Prices Project at MIT and discuss key lessons for both inflation measurement and some fundamental research questions in macro and international economics. In particular, we show how online prices can be used to construct daily price indexes in multiple countries and to avoid measurement biases that distort evidence of price stickiness and international relative prices. We emphasize how Big Data technologies are providing macro and international economists with opportunities to stop treating the data as “given” and to get directly involved with data collection
High-order fuzzy sliding manifold control
No full textThe design of high order sliding fuzzy control strategies is
addressed and carried out by using rigorous mathematical tools of
the Singular Perturbation Theory. The resulting fuzzy controller
implements an output feedback to solve output tracking problems,
and has the double benefit to be robust and low-order, namely, the
controller order is the plant relative degree. Simulation are
presented to show the effectiveness of the proposed strategy
Cavallo (2018) "Scraped Data and Sticky Prices". Review of Economics and Statistics, Vol. 100, p.105-119
No full textI use daily prices collected from online retailers in five countries to study the impact of measurement bias on three common price stickiness statistics. Relative to previous results, I find that online prices have longer durations, with fewer price changes close to zero, and hazard functions that initially increase over time. I show that time-averaging and imputed prices in scanner and CPI data can fully explain the differences with the literature. I then report summary statistics for the duration and size of price changes using scraped data collected from 181 retailers in 31 countries
Replication data for: "Scraped Data and Sticky Prices"
No full textReplication data for: "Scraped Data and Sticky Prices
Cavallo (2017) "Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers" - American Economic Review - Vol. 107(1), p.283–303
No full textOnline prices are increasingly being used for measurement and research applications, yet little is known about their relation to prices collected offline, where most retail transactions take place. I conduct the first large-scale comparison of prices simultaneously collected from the websites and physical stores of 56 large multi-channel retailers in 10 countries. I find that price levels are identical about 72 percent of the time. Price changes are not synchronized but have similar frequencies and average sizes. These results have implications for National Statistical Offices, researchers using online data, and anyone interested in the effect of the Internet on retail prices
Replication Data and Code for: "Inflation with Covid Consumption Baskets" NBER Working Paper Series, No. 27352, October2020.
No full textThe Covid-19 Pandemic has led to changes in expenditure patterns that can introduce significant bias in the measurement of Consumer Price Index (CPI) inflation. I use publicly-available data on credit and debit card transactions to update the official CPI weights and re-calculate inflation with Covid consumption baskets. I find that the US CPI \emph{underestimated} the Covid inflation rate, particularly during the first three months of the Pandemic, as consumers spent relatively more on food and categories with inflation, and less on transportation and other categories experiencing deflation. By September, US Covid inflation was 1.90\% compared to 1.41\% in the official CPI, and was impacting low-income households the most. I also find evidence of higher Covid inflation in 12 out of 19 additional countries
Una soluzione al problema dell'inseguimento attraverso l’uso di varietà di scivolamento
No full textCavallo (2018) "Scraped Data and Sticky Prices". Review of Economics and Statistics, Vol. 100, p.105-119
No full textI use daily prices collected from online retailers in five countries to study the impact of measurement bias on three common price stickiness statistics. Relative to previous results, I find that online prices have longer durations, with fewer price changes close to zero, and hazard functions that initially increase over time. I show that time-averaging and imputed prices in scanner and CPI data can fully explain the differences with the literature. I then report summary statistics for the duration and size of price changes using scraped data collected from 181 retailers in 31 countries
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