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Alberto F. Cavallo

Alberto F. Cavallo

Thomas S. Murphy Professor of Business Administration

Thomas S. Murphy Professor of Business Administration

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Alberto Cavallo is the Thomas S. Murphy Professor of Business Administration at Harvard Business School, where he teaches in the Business, Government, and the International Economy (BGIE) unit, a Faculty Research Fellow at the National Bureau of Economic Research, a co-director of the of the Pricing Lab at the D3 Institute at Harvard, and a member of the Technical Advisory Committee of the US Bureau of Labor Statistics (BLS).

Cavallo's research focuses on inflation. In particular, he studies the behavior of prices and its implications for macroeconomic measurement, models and policies. He pioneered the use of online data to measure inflation and conduct research on high-frequency pricing dynamics during his Ph.D. at Harvard. He created Inflacion Verdadera in 2007 to measure the real inflation rate in Argentina and co-founded The Billion Prices Project in 2008 to expand the measurement of online inflation globally. He also co-founded PriceStats in 2011, the leading private source of inflation and PPP statistics in over 25 countries. 

Cavallo earned a Bachelor of Science in Economics with summa cum laude from the Universidad of San Andres in Buenos Aires in 2000. In 2005, he earned a Masters in Business Administration from MIT, and in 2010 he earned a PhD in Economics from Harvard University.  He lives in Cambridge with his wife and two sons.

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Business, Government and the International Economy
+1 (617) 495-6099
 
Alberto F. Cavallo
Unit
Business, Government and the International Economy
Contact Information
(617) 495-6099
Featured Work Publications Awards & Honors
Tracking the Short-Run Price Impact of U.S. Tariffs
This paper examines the short-run impact of the 2025 U.S. tariffs on consumer prices using a unique integration of high-frequency retail pricing data, product-level country-of-origin information, and detailed tariff classifications. By linking daily prices from major U.S. retailers to Harmonized System (HS) codes and import origins, we construct custom price indices that isolate the direct effects of tariff changes across product categories and trading partners. Our analysis reveals rapid pricing responses, though their magnitude remains modest relative to the announced tariff rates and varies by country of origin. Both imported and domestic goods are affected, suggesting broader pricing and supply chain spillovers. These findings offer timely evidence for policymakers, businesses, and consumers navigating the immediate consequences of trade policy changes.
Markups and Cost Passthrough Along the Supply Chain
Harvard Business School Working Paper, No. 25-009
We study markups and pricing strategies along the supply chain. Our unique dataset combines detailed price and cost information from a large global manufacturer with matched retail prices collected online for the period July 2018 through June 2023. We show that total markups—reflecting the difference between retail prices and production costs—are stable over time, despite the inflationary period at the end of the sample. Along the supply chain, manufacturer and retail markups are negatively correlated. For the most part, we find similar patterns across countries, though there is substantial heterogeneity in the split of markups between the manufacturer and retailers. We propose a model of supply chain pricing behavior that rationalizes key patterns in our data, and we use the model to quantify factors that determine relative bargaining power between the manufacturer and retailers. Finally, we consider the dynamics of cost pass-through. The manufacturer adjusts prices in response to cost shocks more quickly than retailers and appears to more fully incorporate idiosyncratic cost shocks to specific products. Differential pass-through patterns along the supply chain can arise from bargaining power that adjusts dynamically in response to shocks.
Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge
Journal of Monetary Economics 148 (November 2024).

We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between 2018 and 2024. Measuring unit prices within narrowly defined product categories, we analyze two key sources of variation in prices within a store: temporary price discounts and differences across similar products. Price changes associated with discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast, cheapflation—a faster rise in prices of cheaper goods relative to prices of more expensive varieties of the same good—exacerbated it. Using Canadian Homescan Panel Data, we estimate that spending on discounts reduced the change in the average unit price by 4.1 percentage points, but expenditure switching to cheaper brands raised it by 2.8 percentage points.

 This work has been mentioned in Financial Times, NPR, Le Devoir, Charts: HBS Working Knowledge
Large Shocks Travel Fast
American Economic Review: Insights 6, no. 4 (December 2024)
We leverage the inflation upswing of 2022 and various granular datasets to identify robust price-setting patterns following a large supply shock. We show that the frequency of price changes increases dramatically after a large shock. We set up a parsimonious New Keynesian model and calibrate it to fit the steady-state data before the shock. The model features a significant component of state-dependent decisions, implying that large cost shocks incite firms to react more swiftly than usual, resulting in a rapid pass-through to prices--large shocks travel fast. Understanding this feature is crucial for interpreting recent inflation dynamics.
The International Price of Remote Work
NBER Working Paper 29437
We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done remotely. We document that, despite the global nature of the marketplace, the worker's country accounts for almost a third of the variance in remote wages. The observed wage differences are strongly correlated to the GDP per capita in the worker's location. This correlation is not accounted for by differences in workers' observable characteristics, occupations, or differences in the employers' locations. Instead, data on wage-histories indicate that remote wages are partly determined by the conditions that workers face in their local labor markets. We also document that, as with internationally traded goods, remote wages expressed in local currency move strongly with the dollar exchange rate of the worker's country, and are highly sensitive to changes in the wages of foreign competitors.

Alberto Cavallo is the Thomas S. Murphy Professor of Business Administration at Harvard Business School, where he teaches in the Business, Government, and the International Economy (BGIE) unit, a Faculty Research Fellow at the National Bureau of Economic Research, a co-director of the of the Pricing Lab at the D3 Institute at Harvard, and a member of the Technical Advisory Committee of the US Bureau of Labor Statistics (BLS).

Cavallo's research focuses on inflation. In particular, he studies the behavior of prices and its implications for macroeconomic measurement, models and policies. He pioneered the use of online data to measure inflation and conduct research on high-frequency pricing dynamics during his Ph.D. at Harvard. He created Inflacion Verdadera in 2007 to measure the real inflation rate in Argentina and co-founded The Billion Prices Project in 2008 to expand the measurement of online inflation globally. He also co-founded PriceStats in 2011, the leading private source of inflation and PPP statistics in over 25 countries. 

Cavallo earned a Bachelor of Science in Economics with summa cum laude from the Universidad of San Andres in Buenos Aires in 2000. In 2005, he earned a Masters in Business Administration from MIT, and in 2010 he earned a PhD in Economics from Harvard University.  He lives in Cambridge with his wife and two sons.

Featured Work
Tracking the Short-Run Price Impact of U.S. Tariffs
This paper examines the short-run impact of the 2025 U.S. tariffs on consumer prices using a unique integration of high-frequency retail pricing data, product-level country-of-origin information, and detailed tariff classifications. By linking daily prices from major U.S. retailers to Harmonized System (HS) codes and import origins, we construct custom price indices that isolate the direct effects of tariff changes across product categories and trading partners. Our analysis reveals rapid pricing responses, though their magnitude remains modest relative to the announced tariff rates and varies by country of origin. Both imported and domestic goods are affected, suggesting broader pricing and supply chain spillovers. These findings offer timely evidence for policymakers, businesses, and consumers navigating the immediate consequences of trade policy changes.
Markups and Cost Passthrough Along the Supply Chain
Harvard Business School Working Paper, No. 25-009
We study markups and pricing strategies along the supply chain. Our unique dataset combines detailed price and cost information from a large global manufacturer with matched retail prices collected online for the period July 2018 through June 2023. We show that total markups—reflecting the difference between retail prices and production costs—are stable over time, despite the inflationary period at the end of the sample. Along the supply chain, manufacturer and retail markups are negatively correlated. For the most part, we find similar patterns across countries, though there is substantial heterogeneity in the split of markups between the manufacturer and retailers. We propose a model of supply chain pricing behavior that rationalizes key patterns in our data, and we use the model to quantify factors that determine relative bargaining power between the manufacturer and retailers. Finally, we consider the dynamics of cost pass-through. The manufacturer adjusts prices in response to cost shocks more quickly than retailers and appears to more fully incorporate idiosyncratic cost shocks to specific products. Differential pass-through patterns along the supply chain can arise from bargaining power that adjusts dynamically in response to shocks.
Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge
Journal of Monetary Economics 148 (November 2024).

We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between 2018 and 2024. Measuring unit prices within narrowly defined product categories, we analyze two key sources of variation in prices within a store: temporary price discounts and differences across similar products. Price changes associated with discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast, cheapflation—a faster rise in prices of cheaper goods relative to prices of more expensive varieties of the same good—exacerbated it. Using Canadian Homescan Panel Data, we estimate that spending on discounts reduced the change in the average unit price by 4.1 percentage points, but expenditure switching to cheaper brands raised it by 2.8 percentage points.

 This work has been mentioned in Financial Times, NPR, Le Devoir, Charts: HBS Working Knowledge
Large Shocks Travel Fast
American Economic Review: Insights 6, no. 4 (December 2024)
We leverage the inflation upswing of 2022 and various granular datasets to identify robust price-setting patterns following a large supply shock. We show that the frequency of price changes increases dramatically after a large shock. We set up a parsimonious New Keynesian model and calibrate it to fit the steady-state data before the shock. The model features a significant component of state-dependent decisions, implying that large cost shocks incite firms to react more swiftly than usual, resulting in a rapid pass-through to prices--large shocks travel fast. Understanding this feature is crucial for interpreting recent inflation dynamics.
The International Price of Remote Work
NBER Working Paper 29437
We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done remotely. We document that, despite the global nature of the marketplace, the worker's country accounts for almost a third of the variance in remote wages. The observed wage differences are strongly correlated to the GDP per capita in the worker's location. This correlation is not accounted for by differences in workers' observable characteristics, occupations, or differences in the employers' locations. Instead, data on wage-histories indicate that remote wages are partly determined by the conditions that workers face in their local labor markets. We also document that, as with internationally traded goods, remote wages expressed in local currency move strongly with the dollar exchange rate of the worker's country, and are highly sensitive to changes in the wages of foreign competitors.
Published Papers
  • Cavallo, Alberto, and Oleksiy Kryvtsov. "Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge." Journal of Monetary Economics 148 (November 2024). View Details
  • Cavallo, Alberto, Francesco Lippi, and Ken Miyahara. "Large Shocks Travel Fast." American Economic Review: Insights 6, no. 4 (December 2024): 558–574. View Details
  • Cavallo, Alberto, Francesco Lippi, and Ken Miyahara. "Inflation and Misallocation in New Keynesian Models." In ECB Forum on Central Banking 26-28 June 2023, Sintra, Portugal: Macroeconomic Stabilisation in a Volatile Inflation Environment. European Central Bank, 2023. View Details
  • Cavallo, Alberto, and Oleksiy Kryvtsov. "What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data." Journal of International Economics 146 (December 2023). View Details
  • Cavallo, Alberto. "Inflation with COVID Consumption Baskets." Special Issue on The Global Economy: Looking Back, Moving Forward, Part II. IMF Economic Review 72, no. 2 (June 2024): 902–917. View Details
  • Cavallo, Alberto, Robert C. Feenstra, and Robert Inklaar. "Product Variety, the Cost of Living, and Welfare Across Countries." American Economic Journal: Macroeconomics 15, no. 4 (October 2023): 40–66. View Details
  • Cavallo, Alberto, Gita Gopinath, Brent Neiman, and Jenny Tang. "Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy." American Economic Review: Insights 3, no. 1 (March 2021). View Details
  • Cavallo, Alberto, and Diego Aparicio. "Targeted Price Controls on Supermarket Products." Review of Economics and Statistics 103, no. 1 (March 2021): 60–71. View Details
  • Cavallo, Alberto. "More Amazon Effects: Online Competition and Pricing Behaviors." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2019). View Details
  • Cavallo, Alberto, Erwin Diewert, Robert C. Feenstra, Robert Inklaar, and Marcel P. Timmer. "Using Online Prices for Measuring Real Consumption Across Countries." AEA Papers and Proceedings 108 (May 2018): 483–487. View Details
  • Cavallo, Alberto. "Scraped Data and Sticky Prices." Review of Economics and Statistics 100, no. 1 (March 2018): 105–119. View Details
  • Cavallo, Alberto, Guillermo Cruces, and Ricardo Perez-Truglia. "Inflation Expectations, Learning, and Supermarket Prices: Evidence from Survey Experiments." American Economic Journal: Macroeconomics 9, no. 3 (July 2017): 1–35. View Details
  • Cavallo, Alberto. "Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers." American Economic Review 107, no. 1 (January 2017): 283–303. View Details
  • Cavallo, Alberto, and Roberto Rigobon. "The Billion Prices Project: Using Online Prices for Inflation Measurement and Research." Journal of Economic Perspectives 30, no. 2 (Spring 2016): 151–178. View Details
  • Cavallo, Alberto, Guillermo Cruces, and Ricardo Perez-Truglia. "Learning from Potentially Biased Statistics: Household Inflation Perceptions and Expectations in Argentina." Brookings Papers on Economic Activity (Spring 2016): 59–108. View Details
  • Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "The Price Impact of Joining a Currency Union: Evidence from Latvia." IMF Economic Review 63, no. 2 (September 2015): 281–297. View Details
  • Borraz, Fernando, Alberto Cavallo, Roberto Rigobon, and Leandro Zipitria. "Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints." International Journal of Finance & Economics 21, no. 1 (January 2016): 3–35. View Details
  • Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "Currency Unions, Product Introductions, and the Real Exchange Rate." Quarterly Journal of Economics 129, no. 2 (May 2014): 529–595. View Details
  • Cavallo, Alberto, Eduardo A. Cavallo, and Roberto Rigobon. "Prices and Supply Disruptions during Natural Disasters." Review of Income and Wealth 60, no. S2 (November 2014): S449–S471. View Details
  • Cavallo, Alberto. "Online and Official Price Indexes: Measuring Argentina's Inflation." Journal of Monetary Economics 60, no. 2 (March 2013): 152–165. View Details
  • Bordo, Michael D., Alberto Cavallo, and Christopher Meissner. "Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880–1913." Journal of Development Economics 91, no. 2 (March 2010): 227–241. View Details
  • Cavallo, Alberto, and Eduardo Cavallo. "Are Crises Good for Long-term Growth? The Role of Political Institutions." Journal of Macroeconomics 32, no. 3 (September 2010): 838–857. View Details
Working Papers
  • Cavallo, Alberto, Paola Llamas, and Franco Vazquez. "Tracking the Short-Run Price Impact of U.S. Tariffs." Working Paper, April 2025. View Details
  • Alvarez-Blaser, Santiago, Alberto Cavallo, Alexander MacKay, and Paolo Mengano. "Markups and Cost Pass-through Along the Supply Chain." Harvard Business School Working Paper, No. 25-009, August 2024. (Revised February 2025.) View Details
  • Cavallo, Alberto, and Gaston Garcia Zavaleta. "Detecting Structural Breaks in Inflation Trends: A High-Frequency Approach." Working Paper, May 2023. (Preliminary draft.) View Details
  • Brinatti, Agostina, Alberto Cavallo, Javier Cravino, and Andres Drenik. "The International Price of Remote Work." NBER Working Paper Series, No. 29437, October 2021. (Revised November 2022.) View Details
  • Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "Real Exchange Rate Behavior: New Evidence from Matched Retail Goods." Harvard Business School Working Paper, No. 20-040, January 2019. View Details
  • Alcedo, Joel, Alberto Cavallo, Bricklin Dwyer, Prachi Mishra, and Antonio Spilimbergo. "E-commerce During COVID: Stylized Facts from 47 Economies." NBER Working Paper Series, No. 29729, February 2022. View Details
  • Cavallo, Alberto. "Measuring Venezuela's Inflation Using Crowdsourcing and Mobile Phones." 2018. Mimeo. View Details
Case and Teaching Materials
  • Cavallo, Alberto, and Stacy Straaberg. "FIELD Immersion 2022: Albuquerque, New Mexico." Harvard Business School Background Note 722-060, June 2022. View Details
  • Cavallo, Alberto. "International Macroeconomics with Global Crises." Harvard Business School Module Note 722-044, March 2022. View Details
  • Cavallo, Alberto, and Sophus A. Reinert. "The Global Great Depression, 1929-1939." Harvard Business School Teaching Note 722-054, March 2022. View Details
  • Cavallo, Alberto. "Getting Brexit Done." Harvard Business School Teaching Note 722-038, March 2022. View Details
  • Cavallo, Alberto. "Automercados Plaza's: Surviving Venezuela's Hyperinflation." Harvard Business School Teaching Note 722-043, March 2022. View Details
  • Cavallo, Alberto. "The Coronavirus (COVID-19) Pandemic and the Global Economy (A) and (B)." Harvard Business School Teaching Note 722-039, March 2022. View Details
  • Cavallo, Alberto. "BGIE Macro Data Repository." Harvard Business School Technical Note 722-037, January 2022. (Access the Data Repository here: https://sites.harvard.edu/bgie-data/.) View Details
  • Cavallo, Alberto, Sophus A. Reinert, and Federica Gabrieli. "The Global Great Depression, 1929-1939." Harvard Business School Case 722-034, November 2021. (Revised January 2024.) View Details
  • Cavallo, Alberto, and Christian Godwin. "The Coronavirus (COVID-19) Pandemic and the Global Economy (B)." Harvard Business School Supplement 721-434, February 2021. (Revised March 2023.) View Details
  • Cavallo, Alberto, and Tannya Cai. "HBS COVID-19 Global Policy Tracker." Harvard Business School Working Paper, No. 20-110, April 2020. (Available at www.globalpolicytracker.com.) View Details
  • Cavallo, Alberto, Mariana Cal, and Carla Larangeira. "Automercados Plaza's: Surviving Venezuela's Hyperinflation." Harvard Business School Case 721-014, October 2020. (Revised March 2022.) View Details
  • Cavallo, Alberto, and Christian Godwin. "The Coronavirus (COVID-19) Pandemic and the Global Economy (A)." Harvard Business School Case 720-031, May 2020. (Revised March 2022.) View Details
  • Cavallo, Alberto. "Getting Brexit Done." Harvard Business School Case 720-023, February 2020. (Revised January 2022.) View Details
  • Cavallo, Alberto, Mariana Cal, and Anne Laski. "The U.S. – China Trade War." Harvard Business School Case 719-034, February 2019. (Revised January 2022.) View Details
  • Cavallo, Alberto. "The U.S. – China Trade War." Harvard Business School Teaching Note 720-012, September 2019. (Revised January 2022.) View Details
  • Cavallo, Alberto, Matthew Weinzierl, and Robert Scherf. "India: State Capacity and Unity in Diversity." Harvard Business School Case 719-061, February 2019. (Revised March 2021.) View Details
  • Cavallo, Alberto, Kristin Fabbe, Mattias Fibiger, Jeremy Friedman, Reshmaan Hussam, Vincent Pons, and Matthew Weinzierl. "The BGIE Twenty (2024 version)." Harvard Business School Technical Note 718-032, December 2017. (Revised November 2023.) View Details
  • Cavallo, Alberto, Anne Laski, and Florencia Hnilo. "Economic Growth." Harvard Business School Technical Note 719-033, November 2018. (Revised December 2020.) View Details
  • Cavallo, Alberto. "Aggregate Demand and Aggregate Supply." Harvard Business School Technical Note 719-032, November 2018. View Details
  • Cavallo, Alberto. "Exchange Rates and the Trilemma." Harvard Business School Technical Note 719-031, November 2018. View Details
  • Di Tella, Rafael, Alberto Cavallo, and Aldo Sesia. "Hank and Nancy: The Subprime Crisis, the Run on Lehman and the Shadow Banks, and the Decision to Bail Out Wall Street." Harvard Business School Case 718-022, October 2017. (Revised November 2021.) View Details
  • Cavallo, Alberto, and Rafael Di Tella. "Hank and Nancy: The Subprime Crisis, the Run on Lehman and the Shadow Banks, and the Decision to Bailout Wall Street." Harvard Business School Teaching Note 719-010, September 2018. (Revised January 2022.) View Details
Awards & Honors
Winner of the 2018 Economics in Central Banking Award with Roberto Rigobon for the "Impact of the Billion Prices Project and PriceStats on Central Bank Policymaking."
Received a National Science Foundation Trans-Atlantic Platform-Digging into Data Grant, 2017–2019.
Received a National Bureau of Economic Research (NBER) Economics of Digitization Grant, 2015–2016.
Awarded the 2015 Roger F. Murray Prize from the Institute of Quantitative Finance.
Named Douglas Drane Career Development Chair in Information Technology and Management at MIT Sloan School of Management, 2015–2018.
Received a 3M Junior Faculty Grant from MIT Sloan School of Management, 2014–2016.
Named the Cecil and Ida Green Career Development Chair, MIT Sloan School of Management, 2012–2015.
Named BusinessWeek Innovator, February 2011.
Received a JFRAP Grant, MIT Sloan School of Management, 2011–2018.
Research selected for inclusion in the New York Times 10th Annual Year in Ideas Issue, 2010.
Received a Dissertation Completion Fellowship, Harvard University, 2009–2010.
Received the C.V. Starr Scholarship, Harvard University, 2009-2010.
Received a Real Estate Academic Initiative Grant, Harvard University, 2009.
Received a Warburg Funds Grant, Harvard University, Spring 2008–2009.
Received a Derek C. Bok Award for Excellence in Graduate Student Teaching of Undergraduates, Harvard University, Spring 2008.
Received a Derek C. Bok Award for Excellence in Graduate Student Teaching of Undergraduates, Harvard University, Fall 2007.
Additional Information
Research Projects
  • HBS Pricing Lab
  • The Billion Prices Project
  • Covid CPI Inflation
  • InflacionVerdadera.com (Argentina and Venezuela)
Links
  • Twitter
  • Media
  • CV
  • Outside Activities
Teaching Links and Materials
  • Repository of BGIE Macro Exhibits (GUIDES and BOP)
  • Office Hours
Areas of Interest
  • big data
  • macroeconomics
In The News

In The News

    • 07 Apr 2025
    • New York Times

    The Trump White House Cited My Research to Justify Tariffs. It Got It All Wrong.

    • 07 Apr 2025
    • BBC News Mundo

    Who’s Really Paying for Trump’s Tariff Hikes?

    • 06 Apr 2025
    • Axios

    Trump Tariffs Based on Massive Error, Conservative Think Tank Says

    • 06 Apr 2025
    • Daily Beast

    Conservative Think Tank Reveals the Massive ‘Error’ in Trump’s Tariff Formula

    • 04 Apr 2025
    • Yahoo! Finance

    The White House Cited These Economists to Justify Its Tariffs. They Aren’t Thrilled.

→More News for Alberto F. Cavallo

Alberto F. Cavallo In the News

News

07 Apr 2025
New York Times
The Trump White House Cited My Research to Justify Tariffs. It Got It All Wrong.

07 Apr 2025
BBC News Mundo
Who’s Really Paying for Trump’s Tariff Hikes?

06 Apr 2025
Axios
Trump Tariffs Based on Massive Error, Conservative Think Tank Says

06 Apr 2025
Daily Beast
Conservative Think Tank Reveals the Massive ‘Error’ in Trump’s Tariff Formula

04 Apr 2025
Yahoo! Finance
The White House Cited These Economists to Justify Its Tariffs. They Aren’t Thrilled.

12 Nov 2024
Washington Post
Trump Pledged More Tariffs. We Have No Idea What They Will Do.

28 Oct 2024
New York Times
Wages Have Outpaced Inflation. But Not for Everyone.

15 Oct 2024
Financial Times
Why Has Your Big Mac Become So Much More Expensive?

07 Oct 2024
New York Times
How E-Commerce Is Making China’s Deflation Worse

26 Sep 2024
HBS Working Knowledge
Charting 'Cheapflation': How Budget Brands Got So Pricey

24 Sep 2024
Wall Street Journal
Argentina Scrapped Its Rent Controls. Now the Market Is Thriving.

10 Jul 2024
Financial Times
Turns Out Cheapflation Was a Thing After All

10 Jul 2024
Actual News Magazine
Almost Twice as Much Inflation for the Poor as for the Rich

10 Jul 2024
NPR
Many Americans Are Still Experiencing Sticker Shock at the Supermarket

18 Jun 2024
HBS Working Knowledge
Central Banks Missed Inflation Red Flags. This Pricing Model Could Help.

03 Jun 2024
Washington Post
Biden and Trump Share a Faith in Import Tariffs, Despite Inflation Risks

15 May 2024
PBS
Inflation Cools but Rising Prices Still Dominate Americans’ View of Economy

08 May 2024
Econofact
How Do People’s Experiences of Inflation Differ?

28 Mar 2024
Street Signals
Alberto Cavallo: Are We At An Inflation Inflection Point?

25 Feb 2024
Econofact
New Insights on Inflation from a Billion Prices

16 Feb 2023
Economist
Lots of Investors Think Inflation Is under Control. Not So Fast

08 Jan 2023
Economist
How Technology Is Redrawing the Boundaries of the Firm

11 Oct 2022
PBS
The Major Factors Driving up the Cost of Food

12 Sep 2022
Wall Street Journal
Inflation Showed Signs of Easing in Several Industries in August

11 Aug 2022
Bloomberg
These Families Thought Food Inflation Was Bad in 2021. It Only Got Worse

03 Aug 2022
MarketWatch
Opinion: Food Inflation Remains Stubbornly High in U.S. and Europe

01 Aug 2022
Food Inflation in the U.S. and Abroad

12 Apr 2022
Harvard University
What Does the Pandemic Have to Do With Inflation?

17 Mar 2022
International Monetary Fund
Pandemic’s E-Commerce Surge Proves Less Persistent, More Varied

11 Feb 2022
New York Times
Inflation May Have Already Peaked. The Fed Needs to Step Gingerly.

10 Feb 2022
HBS Working Knowledge
Why Are Prices So High Right Now—and Will They Ever Return to Normal?

30 Dec 2021
New York Times
The Missing Data in the Inflation Debate

29 Dec 2021
CNBC
Economists Warn of Inflation Inequality as Poor Get Slammed by Rising Prices

29 Dec 2021
CNBC
Economists warn of inflation inequality as poor get slammed by rising prices

10 Nov 2021
PBS Newshour
How the Pandemic has Affected the Economy, From Empty Shelves to Higher Prices

13 Oct 2021
Economist
What’s Wrong with America’s Consumer-Price Index?

12 Jul 2021
Wall Street Journal
Inflation Threat May Be Boosted by Changes in Globalization, Demographics and E-Commerce

24 Jun 2021
Economist
COVID-19 Has Stymied Governments’ Efforts to Collect Data

20 May 2021
Wall Street Journal
Inflation Rate Calculator: Customize Your Own Consumer-Price Index

17 May 2021
Bloomberg
Key Inflation Gauge Overstating Prices, Harvard’s Cavallo Says

15 May 2021
Harvard Gazette
Is Inflation a Problem Now? Maybe, but More Likely Not

23 Apr 2021
New York Times
Now That Everyone Is Bullish, Be Cautious

25 Mar 2021
Bloomberg
Pandemic Shopping Habits Are Giving Inflation Experts a Headache

30 Oct 2020
TIME
The Pandemic Is Costing Americans More Money Than Official Numbers Suggest

21 Sep 2020
Folha de S. Paolo
Brasileiro é dos que mais sentem a 'inflação da Covid', aponta estudo

11 Sep 2020
NPR
More Groceries, Less Gas: The Pandemic Is Shaking Up The Cost Of Living

02 Sep 2020
New York Times
Inflation Is Higher Than the Numbers Say

13 Aug 2020
Washington Post
Inflation Is Actually a Lot Higher Than You Think

13 Jul 2020
Financial Times
Inflation: baskets of plenty

28 Jun 2020
Financial Times
Prices are rising faster than official figures suggest

19 Jun 2020
Financial Times
Inflation Is Higher Than the Official Numbers

19 Jun 2020
Reuters
Pandemic Prises Open Inflation Information Gap

17 Jun 2020
Quartz
Covid-19 is distorting inflation numbers around the world

22 May 2020
Bloomberg
In the Lockdown Economy, Old Measures of Inflation Get It Wrong

28 Apr 2020
Harvard Gazette
American economy on the bubble

05 Mar 2020
Economist
What one game show reveals about the American economy

17 Jan 2020
Washington Post
Trump’s China tariffs have not caused Americans to pay $1,000 more a year. Here’s why.

12 Jan 2020
Wall Street Journal
Trade War With China Took Toll on U.S., but Not Big One

16 Oct 2019
New York Times
Trump’s China Deal Leaves the Global Economy as Uncertain as Ever

10 Oct 2019
Economist
Technology is making inflation statistics an unreliable guide to the economy

10 Sep 2019
BBC
Trump’s tariffs puts Apple’s golden goose at risk

12 Aug 2019
Forbes
Trump Still Doesn't Know Who Pays Tariffs

27 Jun 2019
Associated Press
Low online prices are great for shoppers. But they're killing small businesses

24 Apr 2019
HBS Working Knowledge
The 'Amazon Effect' Is Changing Online Price Competition—and the Fed Needs to Pay Attention

18 Apr 2019
Economist
Mauricio Macri freezes prices

15 Nov 2018
Economist
Technology firms are both the friend and the foe of competition

12 Oct 2018
Bloomberg
The ‘Amazon Effect’ Can Drive Prices Up, Too

10 Oct 2018
MarketWatch
How Amazon is killing comparison shopping

24 Sep 2018
El País
El ‘efecto Amazon’ cambia la economía

30 Aug 2018
Economist
Central bankers grapple with the changing nature of competition

25 Aug 2018
Financial Times
Growth of online retail is changing inflation

25 Aug 2018
Wall Street Journal
The Other Amazon Effect: How Prices Have Become Less Insulated From Supply Shocks

25 Aug 2018
New York Times
Are Superstar Firms and Amazon Effects Reshaping the Economy?

25 Aug 2018
Bloomberg
`Amazon Effect' May Make Central Bank Job Harder

25 Aug 2018
Reuters
'Amazon effect' could have impact on inflation dynamics: paper

01 Feb 2018
Financial Times
Can big data revolutionise policymaking by governments?

26 Jan 2018
Financial Times
Investing in UK retailers: Bargains or basket cases?

24 Jan 2018
Central Banking
Economics in Central Banking Award 2018: BPP and PriceStats

11 Dec 2017
Wall Street Journal
As the Fed Deliberates, Amazon Is Making Its Job More Difficult

08 Nov 2017
Infobae
The democracy of data: how Venezuelans can stand up to government lies

31 Jul 2017
MIT News
Intermittent attention, poor memory shape public perceptions of inflation

21 Jul 2017
American Economic Association
Tomorrow's Prices

01 Jun 2017
Data Made to Matter
Don't Lie to Me Argentina

07 Mar 2017
Sky News
UK prices rising faster after Brexit vote

07 Feb 2017
Boston Globe
Online prices cheaper than in store? Not so fast

31 Jan 2017
MIT News
A fair price to pay?

28 Dec 2016
American Economic Association
Retail price reality check

15 Nov 2016
Times
Britain’s inflation data needs to be dragged out of the stone age

13 May 2016
Financial Times
A billion prices can't be wrong

04 Apr 2016
Financial Times
Data Collection is the Ultimate Public Good

14 May 2015
Project Syndicate
An Economics to Fit the Facts

17 Mar 2015
Huffington Post
The Success of Monitoring the Economy With Big Data

13 Mar 2015
Wall Street Journal
The Billion Prices Project Thinks Inflation May Have Turned a Sharp Corner


BBC News Mundo
Who’s Really Paying for Trump’s Tariff Hikes?


La Nacion
Two Argentine Economists Cited by the Trump Administration to Justify Its Tariffs


Harvard Business Review
What the Last Trump Tariffs Did, According to Researchers

Additional Information

Research Projects

HBS Pricing Lab
The Billion Prices Project
Covid CPI Inflation
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InflacionVerdadera.com (Argentina and Venezuela)
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Repository of BGIE Macro Exhibits (GUIDES and BOP)
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Areas of Interest

big data
macroeconomics

In The News

    • 07 Apr 2025
    • New York Times

    The Trump White House Cited My Research to Justify Tariffs. It Got It All Wrong.

    • 07 Apr 2025
    • BBC News Mundo

    Who’s Really Paying for Trump’s Tariff Hikes?

    • 06 Apr 2025
    • Axios

    Trump Tariffs Based on Massive Error, Conservative Think Tank Says

    • 06 Apr 2025
    • Daily Beast

    Conservative Think Tank Reveals the Massive ‘Error’ in Trump’s Tariff Formula

    • 04 Apr 2025
    • Yahoo! Finance

    The White House Cited These Economists to Justify Its Tariffs. They Aren’t Thrilled.

→More News for Alberto F. Cavallo

Alberto F. Cavallo In the News

News

07 Apr 2025
New York Times
The Trump White House Cited My Research to Justify Tariffs. It Got It All Wrong.

07 Apr 2025
BBC News Mundo
Who’s Really Paying for Trump’s Tariff Hikes?

06 Apr 2025
Axios
Trump Tariffs Based on Massive Error, Conservative Think Tank Says

06 Apr 2025
Daily Beast
Conservative Think Tank Reveals the Massive ‘Error’ in Trump’s Tariff Formula

04 Apr 2025
Yahoo! Finance
The White House Cited These Economists to Justify Its Tariffs. They Aren’t Thrilled.

12 Nov 2024
Washington Post
Trump Pledged More Tariffs. We Have No Idea What They Will Do.

28 Oct 2024
New York Times
Wages Have Outpaced Inflation. But Not for Everyone.

15 Oct 2024
Financial Times
Why Has Your Big Mac Become So Much More Expensive?

07 Oct 2024
New York Times
How E-Commerce Is Making China’s Deflation Worse

26 Sep 2024
HBS Working Knowledge
Charting 'Cheapflation': How Budget Brands Got So Pricey

24 Sep 2024
Wall Street Journal
Argentina Scrapped Its Rent Controls. Now the Market Is Thriving.

10 Jul 2024
Financial Times
Turns Out Cheapflation Was a Thing After All

10 Jul 2024
Actual News Magazine
Almost Twice as Much Inflation for the Poor as for the Rich

10 Jul 2024
NPR
Many Americans Are Still Experiencing Sticker Shock at the Supermarket

18 Jun 2024
HBS Working Knowledge
Central Banks Missed Inflation Red Flags. This Pricing Model Could Help.

03 Jun 2024
Washington Post
Biden and Trump Share a Faith in Import Tariffs, Despite Inflation Risks

15 May 2024
PBS
Inflation Cools but Rising Prices Still Dominate Americans’ View of Economy

08 May 2024
Econofact
How Do People’s Experiences of Inflation Differ?

28 Mar 2024
Street Signals
Alberto Cavallo: Are We At An Inflation Inflection Point?

25 Feb 2024
Econofact
New Insights on Inflation from a Billion Prices

16 Feb 2023
Economist
Lots of Investors Think Inflation Is under Control. Not So Fast

08 Jan 2023
Economist
How Technology Is Redrawing the Boundaries of the Firm

11 Oct 2022
PBS
The Major Factors Driving up the Cost of Food

12 Sep 2022
Wall Street Journal
Inflation Showed Signs of Easing in Several Industries in August

11 Aug 2022
Bloomberg
These Families Thought Food Inflation Was Bad in 2021. It Only Got Worse

03 Aug 2022
MarketWatch
Opinion: Food Inflation Remains Stubbornly High in U.S. and Europe

01 Aug 2022
Food Inflation in the U.S. and Abroad

12 Apr 2022
Harvard University
What Does the Pandemic Have to Do With Inflation?

17 Mar 2022
International Monetary Fund
Pandemic’s E-Commerce Surge Proves Less Persistent, More Varied

11 Feb 2022
New York Times
Inflation May Have Already Peaked. The Fed Needs to Step Gingerly.

10 Feb 2022
HBS Working Knowledge
Why Are Prices So High Right Now—and Will They Ever Return to Normal?

30 Dec 2021
New York Times
The Missing Data in the Inflation Debate

29 Dec 2021
CNBC
Economists Warn of Inflation Inequality as Poor Get Slammed by Rising Prices

29 Dec 2021
CNBC
Economists warn of inflation inequality as poor get slammed by rising prices

10 Nov 2021
PBS Newshour
How the Pandemic has Affected the Economy, From Empty Shelves to Higher Prices

13 Oct 2021
Economist
What’s Wrong with America’s Consumer-Price Index?

12 Jul 2021
Wall Street Journal
Inflation Threat May Be Boosted by Changes in Globalization, Demographics and E-Commerce

24 Jun 2021
Economist
COVID-19 Has Stymied Governments’ Efforts to Collect Data

20 May 2021
Wall Street Journal
Inflation Rate Calculator: Customize Your Own Consumer-Price Index

17 May 2021
Bloomberg
Key Inflation Gauge Overstating Prices, Harvard’s Cavallo Says

15 May 2021
Harvard Gazette
Is Inflation a Problem Now? Maybe, but More Likely Not

23 Apr 2021
New York Times
Now That Everyone Is Bullish, Be Cautious

25 Mar 2021
Bloomberg
Pandemic Shopping Habits Are Giving Inflation Experts a Headache

30 Oct 2020
TIME
The Pandemic Is Costing Americans More Money Than Official Numbers Suggest

21 Sep 2020
Folha de S. Paolo
Brasileiro é dos que mais sentem a 'inflação da Covid', aponta estudo

11 Sep 2020
NPR
More Groceries, Less Gas: The Pandemic Is Shaking Up The Cost Of Living

02 Sep 2020
New York Times
Inflation Is Higher Than the Numbers Say

13 Aug 2020
Washington Post
Inflation Is Actually a Lot Higher Than You Think

13 Jul 2020
Financial Times
Inflation: baskets of plenty

28 Jun 2020
Financial Times
Prices are rising faster than official figures suggest

19 Jun 2020
Financial Times
Inflation Is Higher Than the Official Numbers

19 Jun 2020
Reuters
Pandemic Prises Open Inflation Information Gap

17 Jun 2020
Quartz
Covid-19 is distorting inflation numbers around the world

22 May 2020
Bloomberg
In the Lockdown Economy, Old Measures of Inflation Get It Wrong

28 Apr 2020
Harvard Gazette
American economy on the bubble

05 Mar 2020
Economist
What one game show reveals about the American economy

17 Jan 2020
Washington Post
Trump’s China tariffs have not caused Americans to pay $1,000 more a year. Here’s why.

12 Jan 2020
Wall Street Journal
Trade War With China Took Toll on U.S., but Not Big One

16 Oct 2019
New York Times
Trump’s China Deal Leaves the Global Economy as Uncertain as Ever

10 Oct 2019
Economist
Technology is making inflation statistics an unreliable guide to the economy

10 Sep 2019
BBC
Trump’s tariffs puts Apple’s golden goose at risk

12 Aug 2019
Forbes
Trump Still Doesn't Know Who Pays Tariffs

27 Jun 2019
Associated Press
Low online prices are great for shoppers. But they're killing small businesses

24 Apr 2019
HBS Working Knowledge
The 'Amazon Effect' Is Changing Online Price Competition—and the Fed Needs to Pay Attention

18 Apr 2019
Economist
Mauricio Macri freezes prices

15 Nov 2018
Economist
Technology firms are both the friend and the foe of competition

12 Oct 2018
Bloomberg
The ‘Amazon Effect’ Can Drive Prices Up, Too

10 Oct 2018
MarketWatch
How Amazon is killing comparison shopping

24 Sep 2018
El País
El ‘efecto Amazon’ cambia la economía

30 Aug 2018
Economist
Central bankers grapple with the changing nature of competition

25 Aug 2018
Financial Times
Growth of online retail is changing inflation

25 Aug 2018
Wall Street Journal
The Other Amazon Effect: How Prices Have Become Less Insulated From Supply Shocks

25 Aug 2018
New York Times
Are Superstar Firms and Amazon Effects Reshaping the Economy?

25 Aug 2018
Bloomberg
`Amazon Effect' May Make Central Bank Job Harder

25 Aug 2018
Reuters
'Amazon effect' could have impact on inflation dynamics: paper

01 Feb 2018
Financial Times
Can big data revolutionise policymaking by governments?

26 Jan 2018
Financial Times
Investing in UK retailers: Bargains or basket cases?

24 Jan 2018
Central Banking
Economics in Central Banking Award 2018: BPP and PriceStats

11 Dec 2017
Wall Street Journal
As the Fed Deliberates, Amazon Is Making Its Job More Difficult

08 Nov 2017
Infobae
The democracy of data: how Venezuelans can stand up to government lies

31 Jul 2017
MIT News
Intermittent attention, poor memory shape public perceptions of inflation

21 Jul 2017
American Economic Association
Tomorrow's Prices

01 Jun 2017
Data Made to Matter
Don't Lie to Me Argentina

07 Mar 2017
Sky News
UK prices rising faster after Brexit vote

07 Feb 2017
Boston Globe
Online prices cheaper than in store? Not so fast

31 Jan 2017
MIT News
A fair price to pay?

28 Dec 2016
American Economic Association
Retail price reality check

15 Nov 2016
Times
Britain’s inflation data needs to be dragged out of the stone age

13 May 2016
Financial Times
A billion prices can't be wrong

04 Apr 2016
Financial Times
Data Collection is the Ultimate Public Good

14 May 2015
Project Syndicate
An Economics to Fit the Facts

17 Mar 2015
Huffington Post
The Success of Monitoring the Economy With Big Data

13 Mar 2015
Wall Street Journal
The Billion Prices Project Thinks Inflation May Have Turned a Sharp Corner


BBC News Mundo
Who’s Really Paying for Trump’s Tariff Hikes?


La Nacion
Two Argentine Economists Cited by the Trump Administration to Justify Its Tariffs


Harvard Business Review
What the Last Trump Tariffs Did, According to Researchers

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