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A High-Frequency Digital Economy Index: Text Analysis and Factor Analysis based on Big Data

Author

Listed:
  • Xu, Yonghong
  • Su, Bingjie
  • Pan, Wenjie
  • Zhou, Peng

    (Cardiff Business School)

Abstract

We propose a high-frequency digital economy index by combining official white papers and big data. It aims to resolve the discrepancy between the new economic reality and old economic indicators used by decision-makers and policymakers. We have demonstrated a significant effect due to keyword rotations on the indices. Further analysis of the Dagum-Gini coefficient shows that spatial heterogeneity and temporal variation of the digital economy indices can be mainly attributed to between-group inequality.

Suggested Citation

  • Xu, Yonghong & Su, Bingjie & Pan, Wenjie & Zhou, Peng, 2024. "A High-Frequency Digital Economy Index: Text Analysis and Factor Analysis based on Big Data," Cardiff Economics Working Papers E2024/11, Cardiff University, Cardiff Business School, Economics Section.
    • Handle: RePEc:cdf:wpaper:2024/11
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    References listed on IDEAS

    as
    1. Dagum, Camilo, 1997. "A New Approach to the Decomposition of the Gini Income Inequality Ratio," Empirical Economics, Springer, vol. 22(4), pages 515-531.
    2. Peng Zhou & Huw Dixon, 2019. "The Determinants of Price Rigidity in the UK: Analysis of the CPI and PPI Microdata and Application to Macrodata Modelling," Manchester School, University of Manchester, vol. 87(5), pages 640-677, September.
    3. Zhou, Bo & Zhang, Ying & Zhou, Peng, 2021. "Multilateral political effects on outbound tourism," Annals of Tourism Research, Elsevier, vol. 88(C).
    4. Wojciech Charemza & Imran Husssain Shah, 2013. "Stability price index, core inflation and output volatility," Applied Economics Letters, Taylor & Francis Journals, vol. 20(8), pages 737-741, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Digital Economy; High-Frequency Index; Big Data; Text Analysis; Hierarchical Dynamic Factor Model;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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