numerairen.
/ˌnjuːm(ə)ˈrɛː/, U.S. /ˌn(j)um(ə)ˈrɛ(ə)r/ Economics.
The function of money as a measure of value or unit of account; a standard for currency exchange rates.
ΘΚΠ
society > trade and finance > money > value of money > [noun] > standard for currency exchange rates
numeraire1859
1859 W. H. Smyth tr. F. Arago Biogr. Distinguished Sci. Men 55 The generals themselves no longer received the..eight francs per month ‘numéraire,’ (in cash), that had been granted to them, as a supplement to their pay in assignats.
1879 Edinb. Rev. Oct. 493 The event had made its mark on banking, and upon the economists who occupied themselves with the numéraire and the multiplication of the means of wealth through finance.
1964 J. Gould & W. L. Kolb Dict. Social Sci. 532/2 In a primitive society..often one good is singled out to serve as a numeraire or common measure for other goods, thus precious metals serve both as a good wanted for particular purposes and as a unit of value and exchange.
1971 New Yorker 23 Oct. 118 The Bretton Woods agreement..established the dollar as the numéraire, or measuring rod, against which the value of other currencies was set.
1991 Hist. Workshop Spring 40 Since East European currencies are not convertible..exchange rates provide little basis for a common numeraire.
This entry has been updated (OED Third Edition, December 2003; most recently modified version published online March 2022).
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n.1859