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The responses of internet retail prices to aggregate shocks: A high-frequency approach

  • Author(s): Gorodnichenko, Y;
  • Sheremirov, V;
  • Talavera, O
  • et al.

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Using a unique dataset of daily price listings and the associated number of clicks for precisely defined goods from a major shopping platform, we examine whether internet prices respond to aggregate shocks at a high frequency. We find little evidence that online prices respond promptly to unanticipated announcements about macroeconomic activity. Shopping activity also appears unresponsive to aggregate shocks, suggesting that internet retailers may follow individual demand for their products more closely than aggregate demand.

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