Economists are shifting attention and resources from work on survey data to work on “big data.” This analysis is an empirical exploration of the trade-offs this transition requires. Parallel models are estimated using the Federal Reserve Bank of New York Consumer Credit Panel/Equifax and the...

The widespread use of the Internet and computer systems has led to a situation where data are available on almost everything. The volume and the level of detail of these data is something we considered to be impossible until a few years ago. Researchers in economics and business now have access...

Although support vector regression models are being used successfully in various applications, the size of the business datasets with millions of observations and thousands of variables makes training them difficult, if not impossible to solve. This paper introduces the Row and Column Selection...

The processes of generating innovative solutions mostly rely on skilled experts who are usually unavailable and their outcomes have uncertainty. Computer science and information technology are changing the innovation environment and accumulating Big Data from which a lot of knowledge is to be...

Analytics is the future of big data because only transforming data into information gives them value and can turn data in business in competitive advantage. Large data volumes, their variety and the increasing speed their growth, stretch the boundaries of traditional data warehouses and ETL...

During the crisis period from 2008 to 2013 household disposable income deteriorated significantly in Central, Eastern and Southeastern Europe (CESEE), forcing households to adjust their consumption plans. Against this background, the present paper sheds some light on households’ consumption...

The Latvian authorities have strengthened their intervention capacity, financial supervision, and monitoring framework, and have taken steps to contain risks in Parex Bank. The staff report reviews the Republic of Latvia’s economic developments and policies. Substantial progress has been...

This paper discusses key findings of the Second Review and Financing Assurances Review Under the Stand-By Arrangement for Latvia. The sharp economic downturn is starting to bottom out, although recovery has not yet begun. The authorities have implemented the June 2009 supplementary budget, and...

The labor market remains weak, disinflation has slowed, but falling wages are improving competitiveness. The weak economic environment is putting pressure on the banking sector. Financial conditions have deteriorated recently because of international financial market tensions. The Bank of Latvia...

At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving...