Simplifying the Big Mac Index

Kenneth Clements and Jiawei Si

No 16-10, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: The Economist magazine recently introduced a major innovation to its famous Big Mac Index of currency values by adjusting for differences in incomes of countries. A recent paper (O’Brien and Ruiz de Vargas, forthcoming, OR) explains clearly the workings of the new index, something overlooked by The Economist. The current paper draws on OR to suggest an alternative formulation that is attractive in its simplicity.

Pages: 19 pages
Date: 2016
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