The Digital Tool That Helps Robert Shiller Understand the Past – Yale Insights
As an economist, my research has been enriched by the growing body of digitized text—historical newspapers, magazines, books, legal briefs, sermons, even personal diaries—that is now searchable. I have long felt that historical information is of great importance for economic research; we shouldn’t bless models about historic economic events without listening to what people were saying when they were happening (which does not mean that we believe everything they say).
For decades, I conducted research using microfilm of the New York Times and the annual printed volumes of the New York Times Index at the Yale Sterling Memorial Library. But microfilm research was a slow and limited process. The digitization of newspapers has enabled search engines to make researching historical perspectives faster and more productive, with more sources. This newfound availability of digitized data has been growing for several decades and is now a vast resource, for academic scholars as well as for the…
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