Currencies, Commodities and Consumption

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Kenneth W. ClementsCambridge University PressEdition: Reprint, 1/21/2016EAN 9781316601112, ISBN10: 1316601110Paperback, 400 pages, 22.9 x 15.2 x 2.1 cmLanguage: EnglishCurrency val ues, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but while PPP rates are widely used and well understood, they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called Big Mac Index, which uses hamburger prices as a standard of measurement, and second, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth W. Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices.1. IntroductionPart I. Exchange Rates and Prices2. Purchasing power parity theory and the Big Mac Index3. Commodity currencies and currency commoditiesPart II. Commodity Prices4. Three facts about marijuana prices5. Patterns in world metal pricesPart III. International Patterns of Incomes, Prices and Consumption6. Disparities in incomes and prices internationally7. Affluence and fooda simple way to infer incomes. Show more