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Describe the goal of the project.
The goal of the project is to find how to compare the Purchasing Power Parity (PPP) between different countries and how PPP has changed over the years across countries.
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Describe the data used or collected.
The dataset has 1386 observations and 19 variables. It contains date, country code, currency code, country name, price of the big-mac in the local currency, local currency units per dollar, price of Big Mac in dollars, raw index relative to the (US dollar, Euro, British pound, Japanese yen, Chinese yuan), GDP per person in dollars, GDP-adjusted price of a Big-Mac in dollars, and adjusted index relative to the (US dollar, Euro, British pound, Japanese yen, Chinese yuan) during 2000 and 2020.
The Big Mac prices are from McDonald’s, and the exchange rates are from Thomson Reuters. The GDP per person data is from the IMF World Economic Outlook reports.
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Describe how the research question will be answered, e.g. what approaches / methods will be used.
Generally, they use descriptive statistics to show the PPP differences between the countries based on currencies. Moreover, they will explore more about the relationship between GDP change and PPP.
- Is there anything that is unclear from the proposal?
They mentioned pandemic in their proposal but it seems they did not do anything about it in their proposal.
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Provide constructive feedback on how the team might be able to improve their project.
It is better to say more about economics. It is better to clarify the definition of PPP and its relationship to currencies. Taking USD as an indicator might make it confusing.
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What aspect of this project are you most interested in and would like to see highlighted in the presentation.
Bring pandemic influence into the research is interesting.
- Provide constructive feedback on any issues with file and/or code organization.
It's better to provide more details and visualisations in the proposal, such as GDP change. The existing code is great.
- (Optional) Any further comments or feedback?
Describe the goal of the project.
The goal of the project is to find how to compare the Purchasing Power Parity (PPP) between different countries and how PPP has changed over the years across countries.
Describe the data used or collected.
The dataset has 1386 observations and 19 variables. It contains date, country code, currency code, country name, price of the big-mac in the local currency, local currency units per dollar, price of Big Mac in dollars, raw index relative to the (US dollar, Euro, British pound, Japanese yen, Chinese yuan), GDP per person in dollars, GDP-adjusted price of a Big-Mac in dollars, and adjusted index relative to the (US dollar, Euro, British pound, Japanese yen, Chinese yuan) during 2000 and 2020.
The Big Mac prices are from McDonald’s, and the exchange rates are from Thomson Reuters. The GDP per person data is from the IMF World Economic Outlook reports.
Describe how the research question will be answered, e.g. what approaches / methods will be used.
Generally, they use descriptive statistics to show the PPP differences between the countries based on currencies. Moreover, they will explore more about the relationship between GDP change and PPP.
They mentioned pandemic in their proposal but it seems they did not do anything about it in their proposal.
Provide constructive feedback on how the team might be able to improve their project.
It is better to say more about economics. It is better to clarify the definition of PPP and its relationship to currencies. Taking USD as an indicator might make it confusing.
What aspect of this project are you most interested in and would like to see highlighted in the presentation.
Bring pandemic influence into the research is interesting.
It's better to provide more details and visualisations in the proposal, such as GDP change. The existing code is great.