Hal R. Varian is an emeritus professor at the University of California, Berkeley, and has taught at MIT, Stanford, Oxford, Michigan and other leading universities around the world. While developing a new website reporting how often users searched for certain keywords, he demonstrated how data reported on the Google Insights for Search service improved forecasts of auto and home sales and retail spending in the United States. Inspired by his work as Google’s chief economist, the Bank of Israel, followed by the Federal Reserve and the central banks of England, Italy, Spain and Chile, started new studies to see if online search volumes track trends in the economies they oversee.
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