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Currencies, commodities and consumption : measurement and the world economy / Kenneth W. Clements, Business School, the University of Western Australia

Author
Clements, Kenneth W., 1950-
Published
Cambridge : Cambridge University Press, 2012.
Physical Description
1 online resource
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Contents
Machine generated contents note: 1. Introduction; Part I. Exchange Rates and Prices: 2. Purchasing power parity theory and the Big Mac Index; 3. Commodity currencies and currency commodities; Part II. Commodity Prices: 4. Three facts about marijuana prices; 5. Patterns in world metal prices; Part III. International Patterns of Incomes, Prices and Consumption: 6. Disparities in incomes and prices internationally; 7. Affluence and food: a simple way to infer incomes.
Summary
"Currency values, 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 whilst 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 secondly, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth 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"--
Subject(s)
ISBN
9781139625197 (electronic bk.)
1139625195 (electronic bk.)
9781139045612 (electronic bk.)
113904561X (electronic bk.)
9781283943079
1283943077
9781107014763
110701476X
Bibliography Note
Includes bibliographical references and indexes.
View MARC record | catkey: 43618395