)''&&&&&$$####&$$####&%%%%%&&&&&&&&&&&&&&&&&&&&&&&& & $ $     & $           6 6 6 6 6 6  6 6 6 6 6 6 W W W W W W W W  ! ! ! F********* * * * * *                                          P3 ;n<!  ? @VBLBqqq6Documentation 61995 61994 61993 61992 61991 61990 61989 61988 6 1987 6 1986 6 UBS 1994 6 PWT 5.6 6 figure 6 Arial MT Arial MT, Arial- Arial. Arial/ Arial0 Arial1 Arial2 Arial3 Arial4 Arial5 Arial6 Arial   ", #- $. %/ &0 '1(2)3*4+5 ,6 - "2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2 NormalC06Undefined"2 NormalC06Undefined"2 NormalC06Undefined"2 NormalC06Undefined"2 NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefined"2NormalC06Undefinedq0* @@@     @ T`````` ` ` ` ` ~'z~@ @@@@@@@          ! "!#"$#%$&%'()( *+,+-,.-/.0/102132435465768798:9;:<;=<>=?>@?A@BACBDCEDFEGFHGIHJIKJLKMLNMONPOQPRQSRTSUTVUWVXWYXZY[Z\[]\^]_^`_a`bacbdcedfegfhgihjikjlkmlnmonpoqprqsrtsutvuwvxwyxzy{z|{}|~}~`* ~'@ @@@          ! "!#"$ %&% '(&)(`' ~'@ @@@            ! "#!$%"&% '(&)(`' ~'@ @@@            ! "!#"$@@%#&%`' ~'@ @@@           @ ! "!#"$%#&%`' ~'@ @@@            ! "!#"$%#&%`' ~'@ @@@            ! "!#"$%#&%`' ~'@ @@@            ! "!#"$%#&%`' ~' @  @@@                      @                                 !  " ! # " $ # % $ & % `' ~'z ~  @  @ @@@@@@                                                        !  " ! # " $ % # & % '  ( ) ' * ) + * , + - , . - / . 0 / 1 0 2 1 3 2 4 3 5 4 6 5 7 6 8 7 9 8 : 9 ; : < ; = < > = ? > @ ? A @ B A C B D C E D F E G F H G I H J I K J L K M L N M O N P O Q P R Q S R T S U T V U W V X W Y X Z Y [ Z \ [ ] \ ^ ] _ ^ ` _ a ` b a c b d c e d f e g f h g i h j i k j l k m l n m o n p o q p r q s r t s u t v u w v x w y x z y { z | { } | ~ }  ~   `( ~' @@ @@ @ @@@ @ @ @ @ @ @ @@ @ @                                                        !  " ! # " $ # % $ & % ' & ( ' ) ( * ) + * , + - , . - / . 0 / 1 0 2 1 3 2 4 3 5 4 6 5 7$ ```` ~' @   @ ~' @ @@@ @@@   @@                                                         !  ~'U'Data in sheets labeled 1995, 1994,1993, 1992, 1991, 1990, 1989, 1988, and 1986,:'are taken from the following issues of the Economist'Date of issue'Page in issue'1995-ECONOMIST@ 'p. 74'1994-ECONOMIST@ 'p. 88'1993-ECONOMIST@ 'p. 79'1992-ECONOMIST@ 'p. 81'1991-ECONOMIST=@ 'p. 78'1990-ECONOMIST@ 'p. 92 '1989-ECONOMIST  @ 'p. 86 '1988-ECONOMIST  @ 'p. 66 '1987-ECONOMIST d @ 'unknown '1986-ECONOMIST Z @ 'unknownc'Also, the sheet labeled UBS 1994 contains data extracted from the Union Bank of Switzerland'sB'annual "Prices and Earnings Around the Globe", 1994 Edition.>'This sheet includes the data for figure 4, bottom panel. 'column'definition'Big Mac in minutes/'from p.8, Working Time to buy 1 hamburger'Net Wages ($)('from pp. 26-7, Earnings-Net Income'Big Mac ($)<'calculation, ((Big Mac in minutes)/60)*(Net Wages ($))'Prices ($)J'from pp.12-3, Cost of a basket of goods, combined goods and services'column beginning 12.2257'ratio of Net Wages ($) of average US Net Wage ($)C'this last series is average net earnings, indexed to the U.S.I'The sheet labeled PWT 5.6 includes the data for Figure 4, top panelB'Data for Figure 6 is given in the last sheet of this file. Q'Data are taken from the IMF's International Financial Statistics (IFS) and 7'the FRB-St. Louis International Econonic Trends .7 'Other data is from the Economist Big Mac reports.^1995-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$ '4/7/95^((E/D)-1)*100'Argentina'&=aOس'@'AustraliaG &sHM0@'3ګ 'AustriaN'2y&$I$I'Eӭ@ 'Belgium0#^&2\AL'.d@ 'BrazilG!p &b'vb'vb'88@ 'Britain  # ˀO?' 0{?& ,d!  ' k@   'Canada "  g & s+t+t@  ' Ru@7   'Chile l   2&  u&  ' īM@   'China  '  j 0& 3l7˓4@  '  XD   'Czech. Rep. d    &  %^@  ' +y}@u   'Denmarkk=C.&,d!'B Z@ 'FranceJ'0<c&ˉ/\'TUUUUU@'Germany/W. Germany<+G&UUUUUUU'@ 'Greece 'Holland'D',gg& &W+'s9s@'Hong Kong&g`'3&҇@'ͷg[ 'Hungary~f&)V@'2(&'Indonesiaxn" &5߂@'68 'Ireland 'Israel% %$0&j' 'u_[@ 'Italy(#!L (&JdI'୊@ 'Japan':EiR&{<pƵ'+}yl@'Malaysia/'G&{ %@'rY1P‹ 'Mexico gO:&\AL @'N'New Zealand$&r\.@'s7M 'Poland*'Gg&/@'|˷|˷'Portugal'Russia/Soviet UnionH?G&F&.@'_v7` 'Singapore $ G  & x<ǣ@  ' $I$I  !'S. Korea!!g%!!&!Hڭ6!!'!9R S@!! "'Spain""#""2&"LL""'"c1@"" #'Sweden#4#G,#[#&#۶m۶mۉ##'#5@ cZ@##$'Switzerland$I$A$'$&$`0 $$'$RŹ@$$ %'Taiwan%%%% %8&%l۶m۶m%%'%*000@%%&'Thailand&`&g&&&&kځ@&&'&]ڕ&&''United States''('Venezuela)'Yugoslavia^1994-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$}@^((E/D)-1)*100'Argentina--&9'@'Australiag &f|dSׂ@'ۥ. 'AustriaD#&"u)Y'@ 'Belgium&,\(\@&Ż$'E]tх@ 'Brazil j&f5@'Hj^ 'Britain  '! zիW?G d2L&?& Ɓ8  ' z^@   'Canada #  g & d1c@  ' &"gXp   'Chile h  < 8& @@*9/?  '  W   'China      0& rgF@  ' C:   'Czech. Rep. d g %% %& M&w@  ' DI|   'Denmarkg'0S&$I$I'I'xӆ@ 'FranceJ'Hd& F'#Y'@'Germany/W. Germany9!g&'z )@ 'Greece&Kh/'l';@ 'Holland'D#& )6F'Yi@'Hong Kong `&@'2HnW 'HungaryR(\@&Uֶ`@',H 'Ireland 'Italy#" t&a jL' r]AAJ@ 'Japan'/T&KKKKKKK'؉؉@'Malaysia'/!&~ | @';JB" 'Mexico% '*,&`tE]t'qaa@ 'PolandB @Li&@@'[|!쬟'Portugalp\~& dh'@& dR@'Russia/Soviet Union  & j_ @'.dv'SingaporeG%G&*vb'vb'@'a'S. Korea#T&'n@ 'Spain ,&',d!@ 'Sweden f ( c  & ^  ' [Қ6@  !'Switzerland!GG!1!!&!{ｧ!!'!qqq@!! "'Taiwan"|"g"!"Gz@&"K'.^pu@ 'FranceJG+Bge&Gt'wi]}@'Germany/W. Germany9g$G&oDIA'ґ=Q@ 'Greece 'Holland'Dg&'&s'n2@'Hong Kong`g1&Ȟtd@'~oV 'Hungary:G)\(\@RQ@&9(1t@'Ȓ G 'Irelandk`;?Gm3j $s?&À?'!:ܟw 'Italy(#$ l&tǭƶ'SMW@ 'Japan'+V&z )'.JO@'Malaysia)GG g&M)x9@'}A_ 'MexicoX&&&HO`MnV'@)RJ)? 'Poland'Portugal'Russia/Soviet UnionG\&Jj+@'unt@ 'Sweden f * \ HzG@& acl] +  ' . h^@  !'Switzerland!GG!G1!'! &!!!'!=Ӑ@!! "'Taiwan#'Thailand#`##GzG@#U&#W3@##'#w2##$'United States$$%'Venezuela&'Yugoslavia^1992-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$@^((E/D)-1)*100'ArgentinaG){'0ogH@'Australiag'P{k4 'Austria 'Belgium)GzG@' b@ 'Brazil 0':rQ 'Britain  IG b ' ,b@   'Canada "   ' /<<<<<<@   'Chile 'China N D $ ' <<<<<<<   'Czech. Rep. 'DenmarkmO= ףp= @'|W0@ 'FrancegEGg' 5'P@'Germany/W. Germany'@ 'Greece 'HollandB'7Mo@'Hong Kong% `2'KM 'Hungary cQ@>'[i 'Ireland'ILR'h>%@ 'Italy  ',L@ 'Japan \'\iu՝@'Malaysia 'Mexico 'Poland'Portugal'Russia/Soviet Uniont{ ףp= @"'Vew_z'Singapore'' |@'S. Korea4'؋@ 'Spainv '@ 'Sweden f 'J q= ףp=@ ' _Z΂@  !'Switzerland "'Taiwan#'Thailand$'United States$g%'Venezuela%T%Q@%(\B@%'%ļGO@%%&'Yugoslavia^1991-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$9@^((E/D)-1)*100'Argentina'Australia "'aX, 'Austria 'Belgium"(\±@'g%~@ 'Brazil 'Britain   F \ ' $I$I@   'Canada g g   ' ,d!    'Chile 'China 'Czech. Rep. 'DenmarkkGPq= ףp=@''g@ 'France$F'6he&_@'Germany/W. Germany5'رI@ 'Greece 'Holland''F}@'Hong Kong% ga1's= 'Hungaryq= ףp=@p= ףp@^'P٬ 'IrelandMM' 'Italy   'H n Y@ 'JapanR'$^B{@'Malaysia 'Mexico 'Poland'Portugal'Russia/Soviet Union7'4rO#,@'Singapore#'V'S5K'S. KoreahJ'eMF֕:@ 'Spain6'>Tr^@ 'Sweden 4 K (\@ ' B6  ȶ@  !'Switzerland "'Taiwan#'Thailand$'United States$ %'Venezuela&'Yugoslavia&@&Q@&Q@& '&zyy&&^1990-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$@^((E/D)-1)*100'Argentina'Australia' 4'뢋.袣 'Austria 'BelgiumU+X'}}@ 'Brazil 'Britain  IL  P ' }K`@   'Canada g    ' =   'Chile 'China 'Czech. Rep. 'DenmarkfO' ~<:@ 'France%gF '$k@'Germany/W. Germany5g'$I$I@ 'Greece 'Holland' br@'Hong Kong ga0'xSF 'Hungary 'IrelandGNI'9˲,˲, 'Italyx  'ܕ]ڕ@ 'Japan>P'T!@'Malaysia 'Mexico 'Poland'Portugal'Russia/Soviet Union KG~'UUUUUUU@'Singapore v'Q٨'S. Koreahv'ZXO@ 'SpainN '5x+R@ 'Sweden 0 GL   ' }K`@  !'Switzerland "'Taiwan#'Thailand$'United States$%'Venezuela&'Yugoslavia& &Q@&Z&z'&Ġˋ&&^1989-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$ @^((E/D)-1)*100'Argentina'AustraliaG &'C!B 'Austria 'Belgium'Z'ґ=Q@ 'Brazil 'Britain  I M ' N<@   'Canada   G  ' 77ʮ   'Chile 'China 'Czech. Rep. 'Denmarkc[e'ij@ 'France%Om'Ӆ@'Germany/W. Germany5'9˲,˲,@ 'Greece 'Holland?'ROoz@'Hong Kong_Ga/'  'Hungary 'IrelandGX P'(K= 'Italy  'ҝRې#@ 'Japan n'f=`@'Malaysia 'Mexico 'Poland'Portugal'Russia/Soviet Union'Singapore#gR')x9/'S. Korea4H 'LϺ@ 'Spain0'pfmfm@ 'Sweden * 'P   ' *wg@  !'Switzerland "'Taiwan#'Thailand$'United States$G%'Venezuela&'Yugoslavia&6&RF&&@'&:Da&&^1988-ECONOMIST' $ over'Local Currency ^City ^Big Mac ^Big Mac ^NCU/$ ^PPP^Valuation'Valuation Check ^NCU^$ @^((E/D)-1)*100'Argentina'Australiagf'Ҟ 'Austria 'Belgium+ףp= ף@'u7[~@ 'Brazil 'Britain  C  ' ^B{    'Canada   k X' K)RJ)   'Chile 'China 'Czech. Rep. 'Denmark[Ow'm#֥@ 'FrancegFZ'j@@'Germany/W. GermanyG3'nV FS@ 'Greece 'Holland<Gg'<#<@'Hong Kong_a'"'NN 'Hungary 'IrelandGM?,'|{ 'Italy  's$@ 'Japan6'@'Malaysia 'Mexico 'Poland'Portugal'Russia/Soviet Union'Singapore#''S. Korea 'Spain:'jNq@ 'Sweden J I ` ' DE@  !'Switzerland "'Taiwan#'Thailand$'United States$%'Venezuela&'Yugoslavia&& &&\'&I$I$I&& ^1987-ECONOMIST ' $ over 'Local Currency  ^City  ^Big Mac  ^Big Mac  ^NCU/$  ^PPP ^Valuation 'Valuation Check  ^NCU ^$  ^latest ^((E/D)-1)*100 'Argentina 'Australia  'Austria  'Belgium  x1@   IM0>@ @ $ ' BT?vt  ' s@    'Brazil 'Britain ' Fy5?   >? ̴? $ '   ' Lqq@   'Canada 'Chile 'China 'Czech. Rep.  'Denmark V _ڗ}i@   a} @ @ $ ' h  ' %h ڭ@    'France  K@   `}@ @ $ '  4  ' oqZ}"@   'Germany/W. Germany G3 ;On@   oeCj?IB @ $ ' x  ' ?@    'Greece  'Holland  :Fqc@   s@ @ $ ' lO\d  ' (JO@   'Hong Kong  'Hungary  'Ireland  FZ?   ,R? ̼? $ ' h3MG   ' g`@    'Italy  .eAo@   sHM @  @ $ ' whԋ  ' ڟKb@    'Japan 'Malaysia  'Mexico  'Poland 'Portugal 'Russia/Soviet Union 'Singapore 'S. Korea  'Spain 'Sweden! 'Switzerland " 'Taiwan# 'Thailand$ 'United States$ $ % 'Venezuela& 'Yugoslavia ^1986-ECONOMIST ' $ over 'Local Currency  ^City  ^Big Mac  ^Big Mac  ^NCU/$  ^PPP ^Valuation 'Valuation Check  ^NCU ^$ P @ ^((E/D)-1)*100 'Argentina 'Australia  ە]ڕ?      d' v%jWv%    'Austria  'Belgium  %I$I$@   T p ' VUUUUUU@    'Brazil   kځ?   E a ' 7   'Britain   A~5&?   S IV ' Dzrv @   'Canada  _ ?   g  $'    'Chile 'China 'Czech. Rep.  'Denmark  'France  wZiu՝@   'S   ' .ȸ れ@   'Germany/W. Germany  VoDI@   G G! ' S w@    'Greece  'Holland g6 Q^Cy 5?    " ' ,b@   'Hong Kong _ ooo?   a  ' jii    'Hungary  'Ireland  Ϻ?   \ \ '     'Italy  'Japan  g'ę@   4  ' @   'Malaysia  'Mexico  'Poland 'Portugal 'Russia/Soviet Union 'Singapore # )kʚ?     .' 5eMYS֔   'S. Korea  'Spain  難o9?     F ' 7G}s@   'Sweden B !'+7@   U   ' 3y@  ! 'Switzerland " 'Taiwan# 'Thailand$ 'United States$ % 'Venezuela& 'Yugoslavia ^City ^Big Mac ^Net Wages ^Big Mac ^Prices ^Price Index 'avg US Prices@ 'avg US Net Wage, then a calculation for ratio of net wages ^(minutes)  ^($)  ^($)  ^($) ^(US=100) 4  @ 'Log(Income)Log(price) 'Pred. ln(P) 'Exp(ln(p))   'Abu Dhabi L  @   λ? s+%Q?  4ֵ Jm' ? ۟:."? 8 @ 'Amsterdam 8   b/b@ v  taZ ? epA? %  V ? Ҏ? 9o3@  'Athens T G= * F *; ? Т)08?  K 若VS%   ވĝ? J&҆GU? Uh@  'Bankok   @   |*? epA? I  7& ن&"B? ;? i"@  'Bogota  # *  :ю0X-? '[)?   Vl# [R ? (P? hU@ 'Bombay   d j6i?   ya6? s Z4<?  ]  va$4? N? I]~+u@ 'Brussels H   @    =? yX?  =e r/޷5 ? g"? :kxKڇ@ 'Budapest      mP? FN? I j6荔 l69P? ta3? ϛ*@ 'Buenos Aires  : @ :  j80Ss? @l?   Fك'5 pWI? V'i? V@ 'Caracas   2 6 );? epA? ! qӽ9 =(b' ? 7N? N-ɤ@  'Chicago   """""""@   a? s+%Q? % lţ3? .h ? %H[? |A@ 'Copenhagen 4  g? d Amk? "? I) ;Peʳ 1ġ? 補=Y9? -Ė{@  'Dublin > X Œ_,@   Z? έ?  - 9>l~ ]? WJك]? -N@ 'Dusseldorf . % 6i@   &? 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