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Britain’s inflation data needs to be dragged out of the stone age

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Everyone knew something was wrong. Between 2007 and 2011, the Argentine government claimed inflation was running at an average of 8 per cent but the numbers did not tally with what households were experiencing. Argentinians reckoned prices were rising at above 20 per cent, which happened to be the same as unofficial, provincial figures collected […]

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A billion prices can’t be wrong, by Tim Harford

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 ‘A “big data” approach to inflation is helping us understand the fundamental question of why recessions happen’. In the dying days of 2015 came news to set any geek’s pulse racing: the declaration of a “statistical emergency” by Mauricio Macri, the new president of Argentina. Macri’s move enabled Jorge Todesca, head of the statistics bureau, […]

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Un argentino y un venezolano miden su propia inflación con mil millones de precios por día

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Alberto Cavallo y Robert Rigobon, economistas del MIT, comenzaron con la web Inflación Verdadera tras la intervención del Indec, pero ahora estiman la suba de precios todos los días en mas de 60 países. La intervención del Instituto Nacional de Estadísticas y Censos (Indec) produjo un giro académico para dos economistas a más de 8.500 […]

The euro and price convergence

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One of the euro’s founding objectives was price convergence. The hope was that consumer markets would become more integrated and prices would tend to equalize across countries. Our latest papers suggests that this is working precisely as intended for some industries. In “Currency Unions, Product Introductions, and the Real Exchange Rate” [Cavallo, Neiman and Rigobon […]