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Numeraire
(redirected from numeraires)

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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.
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Fisher did note that if two risk-free interest rates are denominated in terms of different numeraires, they could differ only by the difference between the rates-of-change in the value of the numeraire goods.
Monetary policy shocks and long-term interest rates by Edelberg, Wendy; Marshall, David / Economic Perspectives
Juster (1985) considers the relative merits of time and money as numeraires and sees them as equally valid theoretical units of measure.
Time, money, and optimal criminal penalties by Baum, Sandy; Kamas, Linda / Contemporary Economic Policy
Using the general change of numeraires formula established in Geman, El Karoui, and Rochet (1992), X(0)[E.
Interest rate risk management and valuation of the surrender option ... by Albizzati, Marie-Odile; Geman, Helyette / Journal of Risk and Insurance
 
 
 
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