Presidential Address: Macroeconomics and Online Prices

Roberto Rigobon

Economía Journal, 2015, vol. Volume 15 Number 2, issue Spring 2015, 199-213

Abstract: The availability of micro pricing data has produced an empirical revolution in macroeconomics. Two events were the main culprits: First, nation statistical offices allowed economists to study the data underlying the construction of the CPI, letting our profession the chance to tackle many questions that have been open for decades. Second, scanner data coming from several supermarkets and merchandizing companies were made available as well. Again, offering a great opportunity for research. In fact, the earlier literature addressed questions on price rigidity, law of one price, cost and exchange rate pass-through, international market segmentations, and many others using aggregate price indexes. The aggregation and the procedures behind the construction of those indexes mask several economic phenomena. The availability of more detailed data allowed the profession to take a closer look at old questions.

Date: 2015
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