numeraire


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Numeraire

The unit of measure, especially of price. Historically and in the present, money, gold and other commodities have been common numeraires.

numeraire

a monetary unit that is used as the basis for denominating international exchanges in a product or commodity, and financial settlements, on a common basis. For example, the US DOLLAR is used as the numeraire of the oil trade, and the SPECIAL DRAWING UNIT is used as the numeraire of the internal financial transactions of the INTERNATIONAL MONETARY FUND.
References in periodicals archive ?
Even if the contract is correct, you could also mess up the incentives and then suddenly Numeraire becomes a speculative instrument that actually hurts the system," said Craib.
Sectors one and two produce the numeraire and non-numeraire, with two primary factors, and the intermediate input, which is produced by a third sector, using the complete set of primary production factors.
4) Original: "[D]'introduire dans ce pays une autre valeur de circulation, qui [est] bien autrement elastique et puissante que le numeraire, y supplee dans une proportion telle que l'interet du capital s'y trouve diminue de la quantite meme de cette valeur.
But as mass production factories became smaller and smaller parts of industry and the economy in advanced capitalist countries, so the credibility of socially necessary labour time as a numeraire of value had to be challenged.
This is possible because an initial value for the exchange rate between paper dollars and electronic dollars, plus a stipulation that the rate of return for paper currency expressed in terms of an electronic dollar numeraire equal the target rate, yields a differential equation that implies an equivalent value for funds subject to compound interest in an electronic account and funds in paper currency subject to a time-varying exchange rate when their value is converted into an electronic dollar equivalent.
On the other hand, the return to the composite sector's specific factor rises in terms of the numeraire good since labor flows into this sector.
Let good Y be the numeraire and without loss of generality let M[U.
i,g] is the average hourly compensation received by a numeraire worker, with a basic educational level within each group g of workers of similar characteristics of gender and age.
A state-price security, also called an Arrow-Debreu security or a pure, elemental or a primitive security (from its origins in the Arrow-Debreu model--1954--also referred to as the Arrow-Debreu and McKenzie -1959- or ADM model) is a contract that agrees to pay one unit of a numeraire if a particular state occurs at a particular time in the future and pays zero numeraire in all the other states.
6) Choosing good 2 as the numeraire, we set its price, [p.
L'AGE du 15/06/2013 d'Al Khoutaf, a decide, dans sa quatrieme resolution, d'augmenter le capital social en numeraire de765.
The vector of consumption in the first period includes two goods: alcohol (a) and the numeraire (y) with the price of the numeraire being one dollar.