Minding Your Ps and Qs: Going from Micro to Macro in Measuring Prices and Quantities

19 Pages Posted: 19 Jan 2019

See all articles by Gabriel Ehrlich

Gabriel Ehrlich

University of Michigan at Ann Arbor

John Haltiwanger

University of Maryland - Department of Economics; National Bureau of Economic Research (NBER); Institute for the Study of Labor (IZA)

Ron S. Jarmin

U.S. Census Bureau

David Johnson

University of Michigan at Ann Arbor

Matthew D. Shapiro

University of Michigan at Ann Arbor - Department of Economics; National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Date Written: January 18, 2019

Abstract

Key macro indicators such as output, productivity, and inflation are based on a complex system across multiple statistical agencies using different samples and different levels of aggregation. The Census Bureau collects nominal sales, the Bureau of Labor Statistics collects prices, and the Bureau of Economic Analysis constructs nominal and real GDP using these data and other sources. The price and quantity data are integrated at a high level of aggregation. This paper explores alternative methods for re-engineering key national output and price indices using item-level data. Such re-engineering offers the promise of greatly improved key economic indicators along many dimensions.

Keywords: Big Data, Key Economic Indicattors

JEL Classification: D12,E01,E20,E31

Suggested Citation

Ehrlich, Gabriel and Haltiwanger, John C. and Jarmin, Ron S. and Johnson, David and Shapiro, Matthew D., Minding Your Ps and Qs: Going from Micro to Macro in Measuring Prices and Quantities (January 18, 2019). Available at SSRN: https://ssrn.com/abstract=3318626 or http://dx.doi.org/10.2139/ssrn.3318626

Gabriel Ehrlich

University of Michigan at Ann Arbor ( email )

110 Tappan Hall
855 S. University Ave
Ann Arbor, MI 48109
United States

John C. Haltiwanger (Contact Author)

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States
301-405-3504 (Phone)
301-405-3542 (Fax)

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Institute for the Study of Labor (IZA) ( email )

P.O. Box 7240
Bonn, D-53072
Germany

Ron S. Jarmin

U.S. Census Bureau ( email )

4700 Silver Hill Road
Washington, DC 20233
United States

David Johnson

University of Michigan at Ann Arbor ( email )

500 S. State Street
Ann Arbor, MI 48109
United States

Matthew D. Shapiro

University of Michigan at Ann Arbor - Department of Economics ( email )

and Survey Research Center
611 Tappan Street
Ann Arbor, MI 48109-1220
United States
313-764-5419 (Phone)
313-764-2769 (Fax)

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States
313-764-5419 (Phone)
313-764-2769 (Fax)

Register to save articles to
your library

Register

Paper statistics

Downloads
43
Abstract Views
230
PlumX Metrics