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Figure 2 shows that conclusions derived from international comparisons of per-capita household final consumption, a useful indicator of material well-being, vary significantly depending on whether exchange rates or PPPs are used to convert consumption in national currency to a common unit.

Nevertheless, and consistently with Figure 1, measures based on relative Big Mac prices tend to overstate consumption per capita in high-income countries and to understate it in lower-income countries, as compared to measures based on PPPs which take into account the whole range of goods and services consumed by households.

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Household actual individual consumption AIC is the measure of household final consumption used in this article. In a nutshell, AIC measures what households consume and not only what they directly pay for. Purchasing Power Parities PPPs convert different currencies to a common currency and, in the process of conversion, equalise their purchasing power by eliminating the differences in price levels between countries.

Thus, when GDP or consumption values are converted to a common currency with PPPs, they are valued at the same price level and so reflect only differences in the volumes of goods and services purchased in the countries.

Big Mac index - global prices for a Big Mac 12222

In their simplest form, PPPs are nothing more than price relatives that show the ratio of the prices in national currencies of the same good or service in different countries. If the currency exchange rate is one Euro to the Dollar, it can be concluded that Big Macs are cheaper in France than in the United States. Note that the Eurostat-OECD PPPs are not suitable for gauging the under- or overvaluation of currencies since PPPs cover the whole range of goods and services produced or consumed in an economy, including many non-tradeable ones.

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Furthermore, currency exchange rates are also affected by capital movements. STAT and includes the following datasets:. Purchasing power parities PPPs compare the prices of similar products, expressed in different currencies The Big Mac index from The Economist magazine is a well-known example of an international price comparison of a product with similar characteristics across countries. Price relatives vary from product to product, so many products must be sampled to construct PPPs for entire economies Because price relatives vary from product to product, the OECD and Eurostat collect prices on around 2, products.

NewStatesman

Using the Eurostat-OECD PPPs is the best way to compare macroeconomic aggregates across OECD countries: better than using exchange rates or PPPs based on single products Perhaps the most intuitive way to compare macroeconomic aggregates across countries when they are expressed in different currencies is to use exchange rates. The measures explained Household actual individual consumption AIC is the measure of household final consumption used in this article.


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