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小贴士：
背景知识提前了解：巨无霸指数（Big Mac index）来源于1986年《经济学人》的一篇文章，是一个非正式的经济指数，用麦当劳的巨无霸汉堡在某国家以当地货币计量的的价格，除以在另一国家以当地货币计量的价格，它的作用是测量两种货币之间的汇率是否合理。
——大橙子留
上期翻译答案
While there is a fair amount of research linking more satisfied employees with higher profitability and productivity as well as with lower rates of turnover, there is scant large-scale studies on whether companies typically follow up on employee responses to job engagement surveys.
虽然有相当多的研究表明，满意度更高的员工与更高的盈利水平和生产率以及更低的人事变动率有关，但很少有大规模研究表明，公司通常是否会跟进员工对工作投入度调查的反应。
《本期内容》
双语阅读
For much of the past two years, economists have argued fiercely about prices. As inflation in America and elsewhere has exceeded central-bank targets, analysts havedissecteddifferent components of the cost of living, including the prices of goods, services, energy and rents.
在过去两年的大部分时间里，经济学家们围绕价格问题激烈争论。在美国和其他地区的通胀率超过央行目标之时，分析师们已经仔细拆解了生活成本的不同构成，包括商品、服务、能源和房租的价格等。
But what about the Big Mac? The iconic McDonald’s burger is anamalgamof rent, electricity and labour, as well as beef, bread and cheese. Its price is therefore indicative of broader inflationary pressures. And because the burger is basically the same wherever you are in the world, its price can also reveal how inflation has changed the relativecostlinessof different countries.
那么巨无霸情况如何呢？麦当劳的这款经典汉堡既包含了牛肉、面包和奶酪，也包含了房租、电和人工等因素。因此其价格反映了更广泛的通胀压力。而且，由于无论你身在世界何处，巨无霸大体上都一个样，所以其价格也可以反映通货膨胀如何改变了不同国家的相对成本。
In America, for example, the median price of a Big Mac has risen by more than 6% to an average of $5.36 in the past two years. (The price tends to be a bit higher in big cities.) According to the theory of purchasing-power parity, when a country’s prices rise, its currency should fall, everything else equal. This stops the country’s prices moving too farout of linewith those elsewhere in the world.
以美国为例，过去两年里巨无霸的中位数价格上涨逾6%，均价达到5.36美元。（大城市的价格往往会略高一些。）根据购买力平价理论，在其他条件相同的情况下，当一国的价格上涨时，其货币应当会贬值。这使得该国的价格不会与世界其他地方背离太多。
Yet the dollar has risen, not fallen, over the past two years against the currencies of most other big economies. A trade-weighted exchange-rate index published by America’s Federal Reserve increased by more than 9% from December 2020 to December 2022. One reason for this is that inflation has also returned to lots of America’s trading partners. Indeed, in many places it is worse. Big Mac prices have risen by 14% over the past two years in the euro area and by 15% in Britain. But the dollar’s rise against the euro and pound has been more than required to offset this inflation gap.
然而在过去两年里，美元对大多数其他大型经济体的货币都是升值而非贬值。从2020年12月到2022年12月，美联储公布的美元贸易加权汇率指数增长了9%以上。造成这种情况的其中一个原因是美国的许多贸易伙伴也出现了通胀重新抬头，事实上许多地方的通胀比美国更严重。过去两年，巨无霸的价格在欧元区上涨了14%，在英国上涨了15%。但是美元对欧元和英镑的升值已经超出了抵消这种通胀差异的需要。
The combination of rising prices and a rising currency threatens to move American pricesout of whackwith those elsewhere in the world. Two years ago, for example, the Big Mac was 26% cheaper in Japan than America. In principle, this suggests the yen was undervalued and should have risen against the dollar. In fact, the opposite occurred. A Big Mac is now more than 40% cheaper in Japan.
翻译划线句，长按文末小程序码打卡，答案下期公布~例如，两年前日本的巨无霸比美国便宜26%。理论上，这表明日元被低估了，应该对美元升值才是。但实际情况却恰恰相反。如今日本巨无霸的价格比美国便宜了40%以上。
The Economist has been making comparisons of this kind since 1986. Converting Big Mac prices into dollars always reveals big differences in the cost of the same burger in different countries. One measure of the “fair value” of a currency is the exchange rate that would eliminate these gaps. But, of course, exchange rates are not the only thing that can adjust. Prices can also rise faster in one country than another. In the long era of low inflation, this was not where the action was. Over the past two years, prices have been on the move in many countries. Unfortunately, these bouts of inflation have done little to move burger prices closer together.
自1986年以来，《经济学人》一直在进行此类比较。将各国巨无霸的价格换算成美元，总会发现同样的汉堡在不同国家的价格存在很大差异。衡量一种货币“公允价值”的标准之一是会消除这些差异的汇率。当然，汇率并不是唯一可调节的手段。一个国家的物价也可以比另一个国家上涨得更快。在以往长期的低通胀时代，物价并不是调节发生的地方。过去两年里许多国家的物价在变动。可惜这几次通货膨胀并没有使各国的巨无霸价格变得更加接近。
本文节选自：The Economist（经济学人）
发布时间：2023.02.09
作者：Finance&Economic
原文标题：What inflation means for the Big Mac index
词汇积累
1.dissect
英/ dɪˈsekt /美/ dɪˈsekt /
v.解剖（人或动物的尸体）；剖析，详细评论（某事物）；把（田地）分成小块
2.amalgam
英/ əˈmælɡəm /美/ əˈmælɡəm /
n.[材] 汞合金，[化工] 汞齐；混合物
3.costliness
英/ ˈkɒstlinəs /美/ ˈkɔːstlinəs /
n.昂贵；奢华
词组搭配
1.out of line 不协调，不一致；不成直线；违规
2.out of whack 不正常；不一致；（美口）紊乱
写作句总结
原句：Over the past two years, prices have been on the move in many countries.
结构：Over the past two years, sth has been on the move in…
例句：Over the last summer, this department has been on the move in rebuilding the online meeting system
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