caa a22 4500 469034157 CHVBK 20180323132751.0 cr unu---uuuuu 170328e19920901xx s 000 0 eng 10.1007/BF01799325 doi (NATIONALLICENCE)springer-10.1007/BF01799325 Van Marrewijk Charles Department of Economics, Erasmus University Rotterdam, The Netherlands aut Trade uncertainty and the two-step procedure: The choice of numeraire and exact indexation [Elektronische Daten] [Charles Van Marrewijk] Summary: In a small open economy it is optimal to first maximize national income and second choose the best consumption point. The same two-step procedure under (quantitative) uncertainty is suboptimal if one of the goods is used as numéraire. Optimality is restored however, if nominal prices are deflated by the exact price index. Hence there is equivalence between the ‘appropriate' two-step procedure and the introduction of a stock market under uncertainty (Diamond 1967) under ideal circumstances. Stenfert Kroese Uitgevers, 1992 De Economist Kluwer Academic Publishers 140/3(1992-09-01), 357-372 0013-063X 140:3<357 1992 140 10645 https://doi.org/10.1007/BF01799325 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF01799325 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Van Marrewijk Charles Department of Economics, Erasmus University Rotterdam, The Netherlands aut NATIONALLICENCE 773 0- De Economist Kluwer Academic Publishers 140/3(1992-09-01), 357-372 0013-063X 140:3<357 1992 140 10645 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer