Austan Goolsbee
👤 SpeakerAppearances Over Time
Podcast Appearances
So the people who came from the US, I'm like, it's 4 o'clock.
San Francisco, it's 2 o'clock.
It's like, wait, wait, wait, wait.
The scarf bar, yeah.
You can't say unemployment or CPI.
Okay.
Okay.
Now I'm going to loophole you on that.
Okay.
Okay.
Okay.
Before I was ever at the Fed, I was the main advisor for Adobe, me and a guy, Pete Cleenow at Stanford, for the Adobe Digital Price Index.
which got all of this data online and said, let's compute an alternative to CPI.
And it showed that online inflation looks super different from in-the-store inflation.
Interesting.
So price is rising more?
More deflation online than in brick-and-mortar stores.
No, no, it's not.
To your point, online skews toward physical stuff.
So in CPI, there's housing, there are a bunch of services, medical services, a bunch of things that aren't in the basket, if you want to call it that online.