Download This PaperLong-Run Rising Supply Price and the Numéraire
11 Pages Posted: 13 Jan 2008
Abstract
When a set of industries is kept in long-run equilibrium, it is never possible to change just one price at a time. But when various (or all) prices are changing, the direction of change of any one price can depend on the numéraire adopted. What does it mean, then, to say that a long-run supply curve is upward (or downward) sloping? Can this qualitative property be independent of the numéraire in terms of which the product price is being measured? In general, it cannot.
Suggested Citation: Suggested Citation
Opocher, Arrigo and Steedman, Ian, Long-Run Rising Supply Price and the Numéraire. Metroeconomica, Vol. 59, Issue 1, pp. 74-84, February 2008, Available at SSRN: https://ssrn.com/abstract=1082952 or http://dx.doi.org/10.1111/j.1467-999X.2007.00292.x
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
Feedback
Feedback to SSRN
If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday.