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 ?
Of these that demonstrate seasonalities over the last half of the study, none are consistent across both numeraires and statistical tests.
Gultekin and Gultekin examine the question of seasonal returns using the raw, unadjusted monthly returns for the countries of their study measured in the local numeraire using the Morgan Stanley Capital International (MSCI) country indices; we replicate this analysis using MSCI indices with the net dividend reinvested in both the local numeraire and the U.
Money is the preferred numeraire only when discussing market values.
Time is the unit of measure in setting penalties when the legal system determines prison sentences by the crime without regard to the economic status of the criminal, while money is the numeraire used in setting specific dollar fines for particular crimes.
We can observe that this change of probability measure, meant to absorb the stochastic nature of interest rates up to time t, consists in fact in taking as a new numeraire the zero-coupon bond maturing at time t.
Finally, the translation of risk and the price of risk between all nominal and real numeraires is defined in terms of the model's fundamental state variables.
Souvent, ce sont les numeraires que l'on donne aux plus pauvres, ou que l'on depose au niveau des mosquees.
A noter que les bijoux voles et une partie des numeraires ont ete recuperes.
Suite a une plainte d'un citoyen habitant au quartier des Tours-Villas au centre-ville de Tizi Ouzou, pour vol par effraction de numeraires et d'objets de valeurs commis a l'interieur de son domicile, les elements de la 1re Surete urbaine ont ouvert une enquete qui a debouche sur l'identification des auteurs et leur arrestation.
Suite a une plainte d'un citoyen habitant a Ouadhias, pour vol de numeraires a l'interieur de sa boucherie, les elements de la surete de la daira de Ouadhias ont procede a l'interpellation de M.
000 DA, alors que la souscription en numeraires sera de 20.
As it is shown below, while the qualitative response to monetary innovations will in general not depend on the choice of the numeraire, the same is not true for the response to changes that modify the relative price between traded and non-traded goods (i.