Because McDonald's is present in so many countries and has such highly standard menus, in 1986 The Economist began an annual feature comparing prices of the Big Mac sandwich in different countries as a tongue-in-cheek exercise explaining relative currency valuations. In fact, this hamburger price analysis provides an example of the economic principle of Purchasing Power Parity (PPP)—as well as an illustration of why the principle often does not appear to hold as a practical matter.
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Fed in Print: An index of the economic research conducted by the Fed.