Long-Run Rising Supply Price and the Numéraire

11 Pages Posted: 13 Jan 2008

See all articles by Arrigo Opocher

Arrigo Opocher

Universita degli Studi di Padova

Ian Steedman

Manchester Metropolitan University - Department of Economics

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

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

Arrigo Opocher (Contact Author)

Universita degli Studi di Padova ( email )

Via 8 Febbraio, 2
Padova, Vicenza 35122
Italy

Ian Steedman

Manchester Metropolitan University - Department of Economics ( email )

Mabel Tylecote Building
Cavendish Street
Manchester, M15 6BG
United Kingdom

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
10
Abstract Views
350
PlumX Metrics