Harnessing naturally occurring data to measure the response of spending to income

@article{Gelman2014HarnessingNO,
  title={Harnessing naturally occurring data to measure the response of spending to income},
  author={Michael Gelman and Shachar Kariv and Matthew D. Shapiro and Dan Silverman and Steven Tadelis},
  journal={Science},
  year={2014},
  volume={345},
  pages={212-215}
}
This paper presents a new data infrastructure for measuring economic activity. The infrastructure records transactions and account balances, yielding measurements with scope and accuracy that have little precedent in economics. The data are drawn from a diverse population that overrepresents males and younger adults but contains large numbers of underrepresented groups. The data infrastructure permits evaluation of a benchmark theory in economics that predicts that individuals should use a… CONTINUE READING
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