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 ?
First, for some people, it seems very unnatural to take the electronic dollar as numeraire rather than the paper dollar.
Aussi, [beaucoup moins que] les parts representant des apports en numeraire doivent etre liberees d'au moins 1/5 de leur montant.
Expressing the concept this way makes it clear that "willingness to trade-off" becomes "willingness to pay" when it is a marginal rate of substitution with a numeraire good with a fixed constant marginal utility to price ratio.
Y] is the marginal production cost, which we choose to be the numeraire.
6) Choosing good 2 as the numeraire, we set its price, [p.
The transition-time method is groundbreaking because it compresses all of the differences between occupations into a common numeraire, namely the preparation or re-training time it would take to change jobs.
La transaction, d'un montant de 4,2 milliards d'euros en numeraire reste toutefois suspendue a l'aval des autorites de regulation et a la conclusion d'un pacte d'actionnaires entre Etisalat et le gouvernement marocain, qui detient 30% de l'operateur historique.
One day a clever statistician decides to "measure" the total volume of economic output, expressed in the society's numeraire.
Since only relative prices matter, it is necessary to define a numeraire price; in Eq.
The homogeneity and adding up restrictions were imposed by: (a) dropping the equation for the sixth NABs category (Other NABs--including tea, coffee, wine and energy drinks), (b) using the price for Other NABs as a numeraire, and (c) imposing the following symmetry restrictions in estimating the resulting five--equation system.
12) In the sense of Hayek (1945), a stable numeraire is one element in allowing the price system to economize on the information that households and firms need in order to make decisions.
Defining the unit of account using such a medium would be credible and appropriate as the real numeraire good would have a determinate price relative to all other goods.