2022考研英語閱讀日益強(qiáng)大的漢堡經(jīng)濟(jì)學(xué)

1、1 / 7本文格式為 Word 版，下載可編輯2022 考研英語閱讀日益強(qiáng)大的漢堡經(jīng)濟(jì)學(xué)Beefed-up burgernomics日益強(qiáng)大的漢堡經(jīng)濟(jì)學(xué)THE Big Mac index celebrates its 25th birthday this year. Invented by The Economist in 1986 asa lighthearted guide to whether currencies are at their correct level, it was never intended asa precise gauge of currency misalig

2、nment, merely a tool to make exchange-rate theory moredigestible. Yet the Big Mac index has become a global standard, included in several economictextbooks and the subject of at least 20 academic studies. American politicians have even citedthe index in their demands for a big appreciation of the Ch

3、inese yuan. With so many peopletaking the hamburger standard so seriously, it maybe time to beef it up.巨無霸指數(shù)已經(jīng)誕生 25 年了。在 1986 年的一期經(jīng)濟(jì)學(xué) 人雜志中第一次消失，當(dāng)時僅僅是為了讓人們更易理解匯率， 隨便的作為一個衡量貨幣是否在正常水平的指標(biāo)，人們從沒 有希望它能作為一個估評貨幣的標(biāo)準(zhǔn)。然而如今巨無霸指標(biāo) 已經(jīng)成為國際的一個標(biāo)準(zhǔn)，被數(shù)個經(jīng)濟(jì)讀本引用還成為至少 20 個學(xué)術(shù)討論的課題。 美國的政客們甚至借這一數(shù)字來要求 中國人民幣的增值。鑒于人們?nèi)绱丝粗貪h堡指數(shù)，可能是時2

4、 / 7本文格式為 Word 版，下載可編輯候去爭論一下它的意義了。Burgernomics is based on the theory of purchasing -power parity , the notion that in thelong run exchange rates should move towards the rate that would equalise the prices of anidentical basket of goods and services in any two countries. Theaverage price of a Big Ma

5、c in America is $4.07; in China it is only $2.27 at market exchangerates, 44% cheaper. In other words, the raw Big Mac index suggests that the yuan isundervalued by 44% against the dollar. In contrast, the currencies of Switzerland and Norwayappear to be overvalued by around 100%. The euro is overva

6、lued by 21% against the dollar; sterling is slightly undervalued;the Japanese yen seems to be spot-on. For the first time, we have included India in our survey.McDonalds does not sell Big Macs there, so we have taken the price of a Maharaja Mac, madewith chicken instead of beef. Meat accounts for le

7、ss than 10% of a burgers total cost, so this isunlikely to distort results hugely. It indicates that the rupee is 53% undervalued.以購買力等價理論為基礎(chǔ)，漢堡經(jīng)濟(jì)旨在表示任意兩個 國家，長期以來保持的匯率應(yīng)當(dāng)趨于使人們消費(fèi)在同樣的商 品或服務(wù)的金錢持平。 在美國巨無霸的價格平均為每個$4.07，3 / 7本文格式為 Word 版，下載可編輯而在中國經(jīng)市場匯率計算僅為 $2.27，廉價了 44%。換句話 說，原始的巨無霸指數(shù)顯示人民幣較美元被低估了 44%。另 一方面

8、瑞士和挪威的貨幣則約被高估了 100%。歐元較美元 高估了 21%;英鎊低估了一點(diǎn)點(diǎn)， 日元則和美元持平。 這是我 們第一次將印度囊括在調(diào)查的國家中，由于麥當(dāng)勞并不在印 度銷售巨無霸，于是我們選取印度版巨無霸來討論，漢堡里 面夾的是雞肉而不是牛肉。但肉的價格占整個漢堡價格的比 例小于 10%，所以這也不會使結(jié)果產(chǎn)生太大偏差。 結(jié)果顯示， 盧比的匯率被低估了 53%。Ketchup growth番茄醬增值Some find burgernomics hard to swallow. Burgerscannot easily be traded across borders, and prices

9、are distorted by big differences in the cost of non-traded local inputs such as rent and workers wages.The Big Mac index suggests that most emerging-market currencies are significantly undervalued, forinstance . But you would expect average prices tobe cheaper in poor countries than in rich onesbeca

10、use labour costs are lower. This is the basis of the so -called Balassa -Samuelson effect.Rich countries have much higher productivity and hence higher wages in the traded-goodssector than poor countries do. Because firms compete for workers, this also pushes up wagesin4 / 7本文格式為 Word 版，下載可編輯non-tra

11、dable goods and services, where rich countries productivity advantage is smaller.So average prices are cheaper in poor countries. The top chart shows a strong positiverelationship between the dollar price of a Big Mac and GDP per personBeefed-up burgernomics日益強(qiáng)大的漢堡經(jīng)濟(jì)學(xué)THE Big Mac index celebrates its

12、 25th birthday this year. Invented by The Economist in 1986 asa lighthearted guide to whether currencies are at their correct level, it was never intended asa precise gauge of currency misalignment, merely a tool to make exchange-rate theory moredigestible. Yet the Big Mac index has become a global

13、standard, included in several economictextbooks and the subject of at least 20 academic studies. American politicians have even citedthe index in their demands for a big appreciation of the Chinese yuan. With so many peopletaking the hamburger standard so seriously, it maybe time to beef it up.巨無霸指數(shù)

14、已經(jīng)誕生 25 年了。在 1986 年的一期經(jīng)濟(jì)學(xué) 人雜志中第一次消失，當(dāng)時僅僅是為了讓人們更易理解匯率， 隨便的作為一個衡量貨幣是否在正常水平的指標(biāo)，人們從沒5 / 7本文格式為 Word 版，下載可編輯有希望它能作為一個估評貨幣的標(biāo)準(zhǔn)。然而如今巨無霸指標(biāo) 已經(jīng)成為國際的一個標(biāo)準(zhǔn)，被數(shù)個經(jīng)濟(jì)讀本引用還成為至少 20 個學(xué)術(shù)討論的課題。 美國的政客們甚至借這一數(shù)字來要求 中國人民幣的增值。鑒于人們?nèi)绱丝粗貪h堡指數(shù)，可能是時 候去爭論一下它的意義了。Burgernomics is based on the theory of purchasing -power parity , the noti

15、on that in thelong run exchange rates should move towards the rate that would equalise the prices of anidentical basket of goods and services in any two countries. Theaverage price of a Big Mac in America is $4.07; in China it is only $2.27 at market exchangerates, 44% cheaper. In other words, the r

16、aw Big Mac index suggests that the yuan isundervalued by 44% against the dollar. In contrast, the currencies of Switzerland and Norwayappear to be overvalued by around 100%. The euro is overvalued by 21% against the dollar; sterling is slightly undervalued;the Japanese yen seems to be spot-on. For t

17、he first time, we have included India in our survey.McDonalds does not sell Big Macs there, so we have taken the price of a Maharaja Mac, madewith chicken instead of beef. Meat accounts for less than 10% of a burgers total cost, so this isunlikely to distort results hugely. It indicates that the rup

18、ee is 53% undervalued.6 / 7本文格式為 Word 版，下載可編輯一些人覺得很難接受漢堡經(jīng)濟(jì)。由于漢堡不易跨國交易， 而且價格隨著當(dāng)?shù)胤墙灰咨唐返某杀?，例如租金、員工薪資 的不同也有偏差。打個比方，巨無霸指數(shù)表明，大多數(shù)新興 市場國家的貨幣的匯率很大程度上被低估， 。但你可能認(rèn)為 貧困國家的平均價格比富有國家的低，是由于勞動力更廉價， 其實(shí)這是巴拉薩薩繆爾森效應(yīng)帶來的偏見。富國的生產(chǎn)率比 貧國的生產(chǎn)率高出許多，所以在商品交易環(huán)節(jié)的薪值更高。 又由于公司之間會競爭雇傭員工，這也使得非交易商品和服 務(wù)上花費(fèi)的金錢水漲船高。 所以 貧國的平均價格要低一些。 上圖顯示了一個巨無霸的美元價值和個人的 GDP 之間有很 強(qiáng)的正比關(guān)系。Chinas average income is only one -tenth of that in America so economic theory would suggestthat its exchange rate should be below its