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Country Price of a Big Mac Predicted Exchange Rate Actual Exchange Rate
Chile 2,640 pesos pesos/$ 679 pesos/$
Hungary 850 forints forints/$ 280 forints/$
Czech Republic 85 korunas korunas/$ 22.3 korunas/$
Brazil 16.9 real real/$ 3.72 real/$
Canada 6.77 C$ C$/$ 1.33 C$/$
1. For each country, compute the predicted exchange rate in terms of the local currency per U.S. dollar. (Recall that the U.S. price of a Big Mac was $5.58 .)
2. According to purchasing-power parity, what is the predicted exchange rate between the Chilean peso and the Canadian dollar? What is the actual exchange rate?
3. How well does the theory of purchasing-power parity explain exchange rates?
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