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Scraped data and sticky prices

Author: Alberto F Cavallo; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 21490.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper introduces Scraped Data as a new source of micro-price information to measure price stickiness. Scraped data, collected from online retailers, have no time averaging or imputed prices that can affect pricing statistics in traditional sources of micro-price data. Using daily prices of 80 thousand products collected in five countries with varying degrees of inflation, including the US, I find that relative  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alberto F Cavallo; National Bureau of Economic Research,
OCLC Number: 921251410
Notes: "August 2015"
Description: 1 online resource (28 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 21490.
Responsibility: Alberto Cavallo.

Abstract:

This paper introduces Scraped Data as a new source of micro-price information to measure price stickiness. Scraped data, collected from online retailers, have no time averaging or imputed prices that can affect pricing statistics in traditional sources of micro-price data. Using daily prices of 80 thousand products collected in five countries with varying degrees of inflation, including the US, I find that relative to previous findings in the literature, scraped online prices tend to be stickier, with fewer price changes close to zero percent, and with hump-shaped hazard functions that initially increase over time. I show that the sampling characteristics of the data, which minimize measurement biases, explain most of the differences with the literature. Using the cross-section of countries, I also show that only the relative frequency of price increases over decreases correlates with inflation.

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