The Data Revolution and Economic Analysis

Liran Einav and Jonathan Levin

No 12-017, Discussion Papers from Stanford Institute for Economic Policy Research

Abstract: Many believe that “big data” will transform business, government and other aspects of the economy. In this article we discuss how new data may impact economic policy and economic research. Large-scale administrative datasets and proprietary private sector data can greatly improve the way we measure, track and describe economic activity. They also can enable novel research designs that allow researchers to trace the consequences of different events or policies. We outline some of the challenges in accessing and making use of these data. We also consider whether the big data predictive modeling tools that have emerged in statistics and computer science may prove useful in economics.

Date: 2013-05
New Economics Papers: this item is included in nep-his
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Related works:
Journal Article: The Data Revolution and Economic Analysis (2014)
Chapter: The Data Revolution and Economic Analysis (2013)
Working Paper: The Data Revolution and Economic Analysis (2013)
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