NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Scraped Data and Sticky Prices

Alberto Cavallo

NBER Working Paper No. 21490
Issued in August 2015, Revised in September 2015
NBER Program(s):International Finance and Macroeconomics, Monetary Economics

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.

download in pdf format
   (478 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w21490

Published: Alberto Cavallo, 2018. "Scraped Data and Sticky Prices," The Review of Economics and Statistics, vol 100(1), pages 105-119.

Users who downloaded this paper also downloaded* these:
Cavallo w22142 Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers
Einav and Levin w19035 The Data Revolution and Economic Analysis
Cavallo and Rigobon w22111 The Billion Prices Project: Using Online Prices for Measurement and Research
Einav, Farronato, and Levin w21496 Peer-to-Peer Markets
Cavallo, Cruces, and Perez-Truglia w20576 Inflation Expectations, Learning and Supermarket Prices
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us