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Economists think prices, like spilt ketchup, are sticky. They move only slowly as firms digest economic conditions.
經(jīng)濟(jì)學(xué)家認(rèn)為價(jià)格就像溢出的番茄醬一樣黏糊糊的。它們只會(huì)在公司消化經(jīng)濟(jì)狀況時(shí)緩慢變動(dòng)。
Financial markets are an exception. Computerised trading by thousands of participants means prices, especially of currencies, can move in a McFlurry.
金融市場(chǎng)卻是個(gè)例外。由數(shù)千名參與者掌控的電算化交易意味著價(jià)格，尤其是貨幣可以在麥旋風(fēng)中變動(dòng)。
Since The Economist last updated the Big Mac index (BMI), our lighthearted guide to currency valuation,
《經(jīng)濟(jì)學(xué)人》最近更新了巨無霸指數(shù)（BMI）—我們的貨幣評(píng)估指導(dǎo)，
burger prices have remained constant in 19 of 44 countries. But every currency has shifted in value.
在44個(gè)國(guó)家中有19個(gè)國(guó)家的漢堡價(jià)格保持不變。但是每種貨幣的幣值都有所變動(dòng)。
Our index uses a nugget of economic wisdom called purchasing power parity: currencies should adjust until goods cost the same everywhere.
我們的指數(shù)是按照被譽(yù)為經(jīng)濟(jì)智慧天然金塊的購(gòu)買力平價(jià)法來計(jì)算：貨幣應(yīng)該進(jìn)行調(diào)整，直到各地商品成本一致。
If, once converted into dollars, Big Mac prices vary, one or other currency looks dear.
將貨幣折合成美元計(jì)算，如果巨無霸價(jià)格變動(dòng)，那么一種或其他貨幣看起來似乎更值錢。
Big movements in exchange rates, without similarly supersized shifts in burger prices, can send a currency up or down the index.
在漢堡價(jià)格沒有出現(xiàn)相似大幅變動(dòng)的情況下，匯率的大幅變動(dòng)會(huì)使指數(shù)隨貨幣上下浮動(dòng)。
That explains why the Argentine peso has been the biggest mover since January.
這也解釋了為什么阿根廷比索自一月起出現(xiàn)了最大變幅。
Then, it looked 25% undervalued compared with the dollar; today, that has swelled to 51%.
比索較美元貶值25%；今天比索暴增至51%。
The peso tumbled on fears of a debt crisis and inflation.
出于對(duì)債務(wù)危機(jī)和通貨膨脹的恐懼，比索暴跌。
For similar reasons, two other emerging-market currencies, the Turkish lira and Brazilian real, are also big movers.
出于相似原因，另外兩個(gè)新興市場(chǎng)貨幣—土耳其里拉和巴西雷亞爾，也出現(xiàn)了大幅變動(dòng)。
Only the valuation of Norway's krone has moved much on account of purchasing power.
只有挪威克朗的價(jià)值評(píng)估是因?yàn)槠滟?gòu)買力而出現(xiàn)大變動(dòng)。
A 14% fall in the dollar price of a Norwegian Big Mac has taken the krone from looking 18% overvalued in January to 5% undervalued now.
折成美元后，挪威巨無霸的價(jià)格比美國(guó)售價(jià)便宜了14%，這使克朗從一月的增值18%滑動(dòng)到現(xiàn)在的貶值5%。
This shift should be taken with a pinch of salt, however; burgers may be getting cheaper, but overall Norwegian inflation is a bland 2.6%.
這種變化應(yīng)該不能全信。漢堡或許越來越便宜，但挪威整體通貨膨脹僅2.6%。
Sometimes, currency traders foresee long-term changes that have yet to move domestic prices.
有時(shí)，貨幣交易員可以預(yù)見還未導(dǎo)致國(guó)內(nèi)價(jià)格浮動(dòng)的長(zhǎng)期變化。
That may be true in Britain, where the pound has been particularly cheap since the Brexit vote in 2016. It now looks 23% undervalued.
在英國(guó)，這或許是事實(shí)，自2016年投票脫歐以來，英鎊價(jià)值尤為低廉。現(xiàn)在似乎貶值了23%。
At other times, currencies deviate from fundamentals because of temporary disparities in risks and short-term interest rates.
其他時(shí)候，風(fēng)險(xiǎn)和短期利率的暫時(shí)性差異使貨幣偏離了基本。
America's economy is sizzling and the Federal Reserve is raising rates, but growth has flattened off elsewhere.
美國(guó)經(jīng)濟(jì)火熱，美聯(lián)儲(chǔ)正在提高其比率，但是在其他各地的增長(zhǎng)已持平。
That has made the dollar as strong as a bull. Almost every currency in the index has weakened relative to the green back since January.
這使得美元牛市一樣強(qiáng)勁。自一月起，相對(duì)于的美鈔而言，指數(shù)中的幾乎每種貨幣都有所削弱。
Only two, the Swiss franc and the Swedish krona, now look overvalued against it.
只有瑞士法郎和瑞典克朗能與之抗衡。
One beef with the BMI is that burgers cannot easily be traded across borders.
巨無霸經(jīng)濟(jì)中有一種牛肉是漢堡無法輕易跨境交易的。
Neither can some inputs to production, such as land and labour.
比如土地和勞動(dòng)力，均無法投入生產(chǎn)。
To take account of this, we also produce another version of the index, which adjusts Big Mac prices for GDP per person.
考慮到這一點(diǎn)，我們還能夠創(chuàng)作出另一版本的指數(shù)—依據(jù)人均GDP調(diào)整巨無霸價(jià)格。
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