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  • March 2018
  • Article

Scraped Data and Sticky Prices
By: Alberto Cavallo
I 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...  View Details
Keywords: Online Data; Scraped Data; Sticky Prices; Scanner Data; Consumer Price Index; price; Data And Data Sets
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  • Spring 2016
  • Article

The Billion Prices Project: Using Online Prices for Inflation Measurement and Research
By: Alberto Cavallo and Roberto Rigobon
New 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...  View Details
Keywords: Billion Prices Project; Online Scraped Data; Online Price Index; Economics; Research; price
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  • March 2015
  • Article

Monetary Policy and Long-Term Real Rates
By: Samuel G. Hanson and Jeremy C. Stein
Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis point increase in the two-year nominal yield on a Federal Open Markets Committee announcement day is associated with a 42 basis point increase in the...  View Details
Keywords: Policy; Interest Rates; Economics
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  • Working Paper

The Distribution of the Size of Price Changes
By: Alberto Cavallo and Roberto Rigobon
Different theories of price stickiness have distinct implications on the number of modes in the distribution of price changes. We formally test for the number of modes in the price change distribution of 36 supermarkets, spanning 22 countries and 5 continents. We...  View Details
Keywords: Online Prices; Macroeconomics; price; Change
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  • Article

An Exploration of Optimal Stabilization Policy
By: N. Gregory Mankiw and Matthew C. Weinzierl
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short-run and flexible in the long-run. Policy is evaluated by...  View Details
Keywords: Fiscal Policy; Monetary Policy; Economic Models; Aggregate Demand; Demand And Consumers; Money; Mathematical Methods; Taxation; Spending; Policy; Welfare; Household; Economic Slowdown And Stagnation
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  • 1996
  • Thesis

Limits on Interest Rate Rules in Macroeconomic Models Governed by Price Stickiness and Rational Expectations
By: William R. Kerr
Keywords: Interest Rates; Macroeconomics; Mathematical Methods
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