A High-Frequency Digital Economy Index: Text Analysis and Factor Analysis based on Big Data

Yonghong Xu, Bingjie Su, Wenjie Pan and Peng Zhou

No E2024/11, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

Abstract: We propose a high-frequency digital economy index by combining official white papers and big data. It aims to resolve the discrepancy between the new economic reality and old economic indicators used by decision-makers and policymakers. We have demonstrated a significant effect due to keyword rotations on the indices. Further analysis of the Dagum-Gini coefficient shows that spatial heterogeneity and temporal variation of the digital economy indices can be mainly attributed to between-group inequality.

Keywords: Digital Economy; High-Frequency Index; Big Data; Text Analysis; Hierarchical Dynamic Factor Model (search for similar items in EconPapers)
JEL-codes: C38 O33 O53 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2024-04
New Economics Papers: this item is included in nep-big
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