The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Numeraire

  • Michael Allingham
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1514

Abstract

In general equilibrium theory the price of one good in terms of another is interpreted as the amount of the second which can be exchanged for a given amount of the first. There is thus no essential role for a standard of value, or numéraire, though it is frequently helpful to introduce this. Such a numéraire is a commodity in terms of which, by convention, other commodities are valued.

Keywords

Money numeraire 

JEL Classifications

D0 
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Bibliography

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Allingham
    • 1
  1. 1.