经济学人:欧洲移民 胜利大逃亡
日期:2014-05-20 16:23



European migration
The great escape
Emigration may not relieve pressure on wages in weak economies
Purchasing power on the move
TO ECONOMISTS, an “optimal currency area” is one in which the gains from sharing a single currency outweigh the costs. There is some debate as to whether the euro area qualifies.

Among the keys to making shared currencies work, according to Robert Mundell, the godfather of optimal-currency theory, is a mobile workforce. Countries tying the monetary knot give up the right to slash interest rates or devalue when stormclouds gather. A slump focused on just one region of the currency zone can therefore last a long time: until falling wages make hiring there attractive once more. But if the jobless can up sticks for sunnier shores, this discomfort can be curbed.
In the 1990s a few prescient critics noted that “fluidity” was not a characteristic commonly used to describe European labour markets. Just 0.35% of Europeans migrate across borders each year, compared with the nearly 2.5% of Americans leaving one state for another. The crisis boosted euro-area migration rates, but overall numbers remain small.
Immobility might not always be quite the drag academics fear, however. New research by Emmanuel Farhi of Harvard University and Iván Werning of MIT finds that although migrants out of depressed regions get the expected boost from relocation, those left behind may or may not benefit, depending on the nature of the slump.
然而,人口流动停滞也许并不总是那么让学者们担心。在一项新开展的研究中,哈佛大学的Emmanuel Farhi和麻省理工的Iván Werning发现,尽管人们从经济萧条地区迁移出去可以按照预期推动迁居地的经济发展,但原住地是否能从中获益,这取决于经济衰退的性质。
The problem, they note, is that departing migrants take their purchasing power with them when they go. If a region's troubles are the result of tumbling exports that is no big deal. Exporting surplus labour spares the struggling economy the need to suffer falling wages.
If instead the struggling region is facing weak domestic demand then shipping excess labour abroad does not help, because the loss of migrants' spending further weakens demand. Instead, higher exports are needed to make up for insufficient domestic spending. That requires improved competitiveness—which often means lower wages.
Interestingly, however much their lot improves when they move, migrants tend to judge their fortunes relative to economic conditions at home. According to a new working paper from the Institute for the Study of Labour, a German think-tank, migrants to Germanybecome glummer the better the economy in their country of origin does. But they cheer up considerably when unemployment rises at home, presumably because that confirms the wisdom of having moved. By then, they have perhaps been in Germanylong enough to learn the word Schadenfreude.

1.according to 根据,按照;据…所说

All firsts in a car, according to gm.

According to weiner, product teams will continue to crank.

2.give up 放弃;投降;把…让给

Never give up, he says.

It seemed that there was a message for him not to give up.

3.focus on 致力于;使聚焦于

Many of these funds only focus on longer dated futures contracts.

Do entrepreneurs put enough focus on customer relationships?

4.compare with 与…相比;比得上

Life isn't fair-don't compare with or be jealous of others.

Atheists have precious little to compare with this.

  • competitivenessn. 竞争能力
  • discomfortn. 不便之处,不适 vt. 使不适
  • pressuren. 压力,压强,压迫 v. 施压
  • relievev. 减轻,救济,解除
  • depressedadj. 沮丧的,降低的,不景气的,萧条的,凹陷的,扁平
  • prescientadj. 有先见之明的
  • preciousadj. 宝贵的,珍贵的,矫揉造作的 adv. 极其地
  • monetaryadj. 货币的,金融的
  • attractiveadj. 有吸引力的,引起注意的
  • fundsn. 基金;资金,现金(fund的复数) v. 提供资金