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The Billion Prices Project

The Billion Prices Project Featuring Professor Roberto Rigobon Professor of Applied Economics Roberto Rigobon, co-creator of the Billion Prices Project at MIT, asserts that countries with higher inflation are recovering more slowly from the global financial crisis. During a talk at MIT Sloan’s Alumni Weekend, he predicted there will be another financial crisis and that governments will again overreact in an attempt to address it. “Whenever we have a financial crisis, regulation always overshoots,” Rigobon said, adding that neither rising commodity prices nor monetary expansion explains rising inflation rates. He pointed out that the traditional measures that governments use to track the prices of goods are inefficient or suspect. Rigobon and MIT Sloan colleague Alberto Cavallo are collaborating on the Billion Prices Project, which now tracks online prices of commodities in 70 countries, providing real-time information on major inflation trends. As a result, even after the earthquake hit Japan earlier this year, the Billion Prices Project was still able to monitor prices in that country and track Japan’s inflation rate.