More Online Shopping could Mean Lower Inflation
Chicago Booth’s Austan D. Goolsbee and Stanford’s Peter J. Klenow find that e-commerce has lower inflation than it is in brick-and-mortar stores—a full percentage point per year lower from 2014–2017, and three percentage points per year lower when new products are factored in. The researchers suggest that this disparity, coupled with continued growth for e-commerce, could influence overall inflation levels in the economy and change how inflation is measured.
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