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CREI - Macroeconomics

The Data Economy: Tools and Applications

Modeling and measuring the impact of data on modern economies.

10h (5 days)

€675 - €1,175

Face-to-face

English

Program date: June 30 - July 4, 2025

Early bird deadline: April 15, 2025

Learn more

The Data Economy: Tools and Applications

Applications for 2025 Summer School programs are now open!

Summer school

CREI - Macroeconomics

The Data Economy: Tools and Applications

Course Overview

In today’s interconnected world, businesses across modern economies are immersed in a data revolution. They gather, dissect, utilize, and trade colossal volumes of data.

Starting from the premise that data is digitized information that facilitates prediction and reduces uncertainty, this course leverages a range of theoretical frameworks at the research frontier in macroeconomics and finance to model and measure data economies. By doing so, we aim to uncover the intricate ways in which firm-level data choices resonate throughout the broader macroeconomic and financial landscapes.

Our applications span a wide spectrum, encompassing critical aspects such as assessing the economic worth of data and unraveling its influence on the structure of production, pricing dynamics, firm behavior, market competitiveness, intermediation, and the intricacies of financial markets.

The course is aimed at students and practitioners interested in understanding contemporary issues related to the data economy, its welfare consequences, and optimal data policy. We put forward a broad research agenda for an interdisciplinary audience with a formal yet accessible approach.

Faculty

Want to get up to date with the latest developments in the data economy?

This course is ideal for:

Students and practitioners interested in understanding contemporary issues related to the data economy, its welfare consequences, and optimal data policy

Understand how data facilitates prediction and reduces uncertainty in modern economies

By the end of the course, participants will be able to:

Model and Measure Data Economies with Advanced Macroeconomic and Finance Frameworks
Evaluate the economic worth of data and its influence on production, pricing, firm behavior, and market competitiveness
Explore the impact of firm-level data decisions on broader macroeconomic and financial landscapes
Investigate how data affects financial market structures, intermediation processes, and competitiveness
Understand the welfare consequences of data economies and formulate optimal data policies
Engage with a broad research agenda that integrates concepts from macroeconomics, finance, and data science
Implement theoretical knowledge through case studies and real-world applications to bridge the gap between theory and practice

Program Syllabus for The Data Economy: Tools and Applications

Below is a brief outline of the topics that will be covered in the course.

Course Outline

Introduction to the Data Economy
Firms’ Data Sources
Data-Driven Predictions and Aggregate Outcomes
Using Data in Strategic Settings
Data in Production and Data Feedback Loop
Data Measurement and Valuation
Data Policy and Welfare

List of References

See below a list of texts and articles that may help you prepare for this course.

Books and Articles

Textbook: “The Data Economy: Tools and Applications” (Baley and Veldkamp, Princeton University Press, forthcoming in January 2025).

Veldkamp, L., and Chung, C. (2019). Data and the aggregate economy. Journal of Economic Literature, forthcoming.
Goldfarb, A. and Tucker, C. (2019). Digital economics. Journal of Economic Literature, 57 (1), 3-43.
Baley, I. and Veldkamp, L. (2023). Bayesian learning. In Handbook of Economic Expectations, 717-748.
Mankiw, G. and Reis, R. (2002). Sticky information versus sticky prices: A proposal to replace the new Keynesian Phillips curve. Quarterly Journal of Economics, 117, 1295-1328.
Sims, C. A. (2003). Implications of rational inattention. Journal of Monetary Economics, 50(3), 665-690.
Baley, I., Figueiredo, A., and Ulbricht, R. (2022). Mismatch cycles. Journal of Political Economy, 130(11), 2943-2984.
Lucas, R. E. (1972). Expectations and the neutrality of money. Journal of Economic Theory, 4 (2), 103-124
Baley and Blanco (2019), Firm Uncertainty Cycles and the Propagation of Nominal Shocks. American Economic Journal: Macroeconomics, 11 (1), 276-337.
Mackowiak, B. and Wiederholt, M. (2009). Optimal sticky prices under rational inattention. American Economic Review, 99 (3), 769-803.
Morris, S. and Shin, H. S. (2002). Social value of public information. American Economic Review, 92 (5), 1521-1534.
Woodford, M. (2003). Imperfect common knowledge and the effects of monetary policy. Knowledge, Information, and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, 25.
Venkateswaran, V. (2014). Heterogeneous information and labor market fluctuations. Available at SSRN 2687561.
Hellwig, C. and Veldkamp, L. (2009). Knowing what others know: Coordination motives in information acquisition. The Review of Economic Studies, 76, 223-251.
Hellwig, C., Kohls, S. and Veldkamp, L. (2012). Information choice technologies. American Economic Review, 102 (3), 35-40.
Farboodi and Veldkamp (2022), A model of the data economy, NBER Working Paper 28427.
Jones, C. I. and Tonetti, C. (2020). Nonrivalry and the economics of data. American Economic Review, 110 (9), 2819-58.
Fajgelbaum, P.D., Schaal, E. and Taschereau-Dumouchel, M. (2017). Uncertainty traps. The Quarterly Journal of Economics, 132(4), pp.1641-1692.

Why join our Summer School?

All BSE Summer courses are taught to the same high standard as our Master’s programs. Join us to:

1

Network with like-minded peers

2

Study in vibrant Barcelona

3

Learn from world-renowned faculty

Admissions and Requirements

Applicants must ensure they meet course requirements or verify eligibility with Admissions Counselors.

Program date: June 30 - July 4, 2025

Early bird deadline: April 15, 2025

Requirements

Summer School applicants normally demonstrate one or more of the following:

A strong background in Economics or a field closely related to the course topic (Statistics, Law, etc.)
Postgraduate degree or current Master’s/PhD studies related to the course topic
Relevant professional experience

Requirements for The Data Economy: Tools and Applications

Familiarity with basic modeling and econometric tools is recommended to benefit from the course materials fully

Schedule

Here is your schedule for this edition of CREI Macroeconomics Summer School, The Data Economy: Tools and Applications course.

Time

30

mon

1

tue

2

wed

3

thu

4

fri

11:30 - 13:30

Lecture

Credit Transfers (ECTS)

ECTS are not available for this course

Certificate of Attendance

Participants who attend more than 80% of the course will receive a Certificate of Attendance, free of charge.

Fees

Multiple course discounts are available; see more information about available discounts. Fees for courses in other Summer School programs may vary.

Course

The Data Economy: Tools and Applications

The Macroeconomics of Credit and Asset Bubbles

Numerical Methods for Fiscal and Monetary Policy Analysis

Climate Change, Firms, and the Green Transition

Quantitative Methods for Spatial Economics

Sovereign Debt Crises: Theory, Evidence and Policy

POLICYMETRICS: Econometrics for Macroeconomic Policy Making

Modality

Face-to-face

Total Hours

10

15

10

15

ECTS

0

Regular Fee

1,175€

1,375€

1,175€

1,375€

Reduced Fee*

675€

775€

675€

775€

* Reduced Fee applies for PhD or Master’s students, Alumni of BSE Master’s programs, and participants who are unemployed.

FAQ

Need more information? Here are some commonly asked questions by participants. Any further queries, please contact our Admissions Team.

Can I see the full Summer School calendar?

You can view the full Summer School calendar here.

Is accommodation included in the course fee?

Accommodation is not included in the course fee. Participants are responsible for finding accommodation.

Are the sessions recorded?

Sessions will NOT be recorded; however, the materials provided by the professor will be available for a month after the course has finished.

How much does each Summer School course cost?

Fees for each course may vary. Please consult each course page for accurate information.

Are there any discounts available?

Yes, BSE offers a variety of discounts on its Summer School courses. See more information about available discounts or request a personalized discount quote by email.