1) General equilibrium theory 2) Stock market
Found on
https://www.crosswordclues.com/clue/numéraire
This technique has many important applications in LIBOR and swap market models, as well as commodity markets. Jamshidian (1989) first used it in the context of the Vasicek model for interest rates in order to calculate bond options prices. Geman, El Karoui and Rochet (1995) introduced the general formal framework for the change of numéraire techn...
Found on
http://en.wikipedia.org/wiki/Numéraire
The unit in which prices are measured. This may be a currency, but in real models, such as most trade models, the numeraire is usually one of the goods, whose price is then set at one. The numeraire can also be defined implicitly by, for example, the requirement that prices sum to some constant.
Found on
http://www-personal.umich.edu/~alandear/glossary/n.html
The money unit of measure within an abstract macroeconomic model in which there is no actual money or currency. A standard use is to define one unit of some kind of goods output as the money unit of measure for wages. Source: An example is in Arrow, Chenery, Minhas, and Solow, 1961 Contexts: macro; models
Found on
http://www.econterms.com/glossary.cgi?query=numeraire
numeraire The function of money as a measure of value or unit of account; a standard for currency exchange rates. From French numéraire currency in circulation within a given political state (c. 1720), used as a noun of numéraire.
Found on
http://www.wordinfo.info/words/index/info/view_unit/1427/2
a basic standard by which values are measured, as gold in the monetary system.
Found on
https://www.infoplease.com/dictionary/numeraire
No exact match found.
