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The Icp, Ppp And Household Expenditure Patterns

Author

Listed:
  • Kenneth W Clements

    (Business School, The University of Western Australia)

  • Yihui Lan

    (Business School, The University of Western Australia)

  • Haiyan Liu

    (Business School, The University of Western Australia)

  • Long Vo

    (Business School, The University of Western Australia)

Abstract

This paper reviews and synthetises three areas: The International Comparison Program (ICP), purchasing power parity (PPP) and patterns of household expenditure across countries. To compare countries consistently, the ICP uses relative price levels as PPPs. This approach is seemingly different to that of international finance, whereby PPP is now widely taken to mean that market exchange rates reflect national price levels over the longer term. A unification of the two approaches is suggested with a dependent-economy model. Detailed information on household expenditure patterns is another prominent component of the ICP. The prospectivity of these data is illustrated with several “laws” of consumption, a survey of research on cross-country consumption, and estimates of a global system of demand equations.

Suggested Citation

  • Kenneth W Clements & Yihui Lan & Haiyan Liu & Long Vo, 2022. "The Icp, Ppp And Household Expenditure Patterns," Economics Discussion / Working Papers 22-18, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:22-18
    Note: MD5 = ef3aa527e161105f1cda918d5af273cc
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    Keywords

    International Comparison Program; purchasing power parity; currency valuation; household expenditure patterns across countries;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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