Target price
Tariff
Tax assessor
Tax avoidance
Tax base
Tax credit
Tax cut
Internal Revenue Service (IRS)
Definition: Provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the ”Federal Insurance Contributions Act” (FICA) tax.
Related Term(s): Federal Insurance Contributions Act (FICA) Tax
Socialism
Society for Worldwide Interbank Financial Telecommunications – SWIFT
Society for Worldwide Interbank Financial Telecommunications (SWIFT )
Soft loan
Software developer
Sole proprietorship
Solidarity
Source of injury or illness (Safety and Health)
Federal Reserve Bank of San Francisco
Definition: A type of international money created by the International Monetary Fund (IMF) and allocated to its member nations. SDRs are an international reserve asset, although they are only accounting entries (not actual coin or paper, and not backed by precious metal). Subject to certain conditions of the IMF, a nation that has a balance of payments deficit can use SDRs to settle debts to another nation or to the IMF.
Bureau of Economic Analysis (BEA)
Definition: Reserve assets created by the International Monetary Fund (IMF) and periodically allocated to IMF members in proportion to their respective quotas. The IMF determines the value of SDRs daily by summing, in U.S. dollars, the values–based on market exchange rates–of a weighted basket of currencies. SDRs can be used to acquire other members’ currencies, to settle members’ financial obligations, and to extend loans.
Federal Reserve Bank of Minneapolis
Definition: A type of international money created by the International Monetary Fund (IMF) and allocated to its member nations. SDRs are an international reserve asset, although they are only accounting entries (not actual coin or paper, and not backed by precious metal). Subject to certain conditions of the IMF, a nation that has a balance of payments deficit can use SDRs to settle debts to another nation or to the IMF.
Special drawing rights (SDRs)
Federal Reserve Bank of Cleveland
Definition: A type of international money created by the IMF and allocated to its member nations. SDRs are an international reserve asset, although they are only accounting entries (not actual coin or paper, and not backed by precious metal). Subject to certain conditions of the IMF, a nation that has a balance of payments deficit can use SDRs to settle debts to another nation or to the IMF.
Special recipient status
Specialization
Specie
Specific performance legislation
Federal Reserve Bank of Cleveland
Definition: Specific performance legislation means that courts must require delivery of exactly what was promised in the contract. This contrasts with legal-tender laws, which require that residents of a country accept payment in that country’s currency even if the contract stipulates payment be made in another country’s currency, gold, bales of hay, or something else.
Spending cap
Spot market
Spot transaction
Federal Reserve Bank of Cleveland
Definition: A foreign exchange transaction in which each party promises to pay a certain amount of currency to the other today or within one or two days.
Federal Reserve Bank of Cleveland
Definition: This usually refers to the case of two variables appearing to be correlated when they are, in fact, not. Often this is because a third variable, which affects the other two, has not been taken into account. In this Commentary, the apparent lack of a correlation between GDP and Internet use, when there is indeed an underlying correlation, is referred to as a spurious correlation. In either case, when the third variable is controlled for, the true underlying correlation is revealed.
SSI Annual Statistical Report, 2002
Definition: Boston – Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont New York – New Jersey and New York Philadelphia – Delaware, District of Columbia, Maryland, Pennsylvania, Virginia, and West Virginia Atlanta – Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee Chicago – Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin Dallas – Arkansas, Louisiana, New Mexico, Oklahoma, and Texas Kansas City – Iowa, Kansas, Missouri, and Nebraska Denver – Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming San Francisco – Arizona, California, Hawaii, Nevada, and Northern Mariana Islands Seattle – Alaska, Idaho, Oregon, and Washington
Bureau of Labor Statistics (BLS)
Definition: Stage-of-processing (SOP) price indexes regroup commodities at the subproduct class (6-digit) level according to the class of buyer and the amount of physical processing or assembling the products have undergone. The PPI publishes aggregate price indexes organized by commodity-based processing stage. The three stages of processing include Finished Goods; Intermediate Materials, Supplies, and Components; and Crude Materials for Further Processing.
Stages of production
Stagflation
Standard & Poor’s 500 (S&P 500)
Standard deduction
Standard Industrial Classification (SIC) system
Bureau of Labor Statistics (BLS)
Definition: The SIC system is used throughout the federal government to group establishments into industries. The SIC Division Structure makes it possible to collect and calculate establishment data by broad industrial divisions (labeled A through K), industrial groups (the 2-and 3-digit SIC levels), and specific industries (the 4-digit level). See the Standard Industrial Classification Manual, 1987 (Executive Office of the President, Office of Management and Budget), available in many libraries.
Standard International Trade Classification (SITC)
Standard Occupational Classification (SOC) system
Bureau of Labor Statistics (BLS)
Definition: This system will be used by all Federal statistical agencies to classify workers into occupational categories for the purpose of collecting, calculating, or disseminating data. All workers are classified into one of over 820 occupations according to their occupational definition. To facilitate classification, occupations are combined to form 23 major groups, 96 minor groups, and 449 broad occupations. Each broad occupation includes detailed occupation(s) requiring similar job duties, skills, education, or experience.
Standard of living
Bureau of Labor Statistics (BLS)
Definition: Standard tables contain annual expenditure data organized by various demographic characteristics. The standard tables available are: Age of reference person; Composition of consumer unit; Education of reference person; Housing tenure, type of area, race of reference person, and Hispanic origin of reference person; Income before taxes; Number of earners in consumer unit; Occupation of reference person; Origin of reference person; Quintiles of income before taxes; Region of residence; Size of consumer unit; Selected age of reference person.
Definition: The level of the federal budget surplus or deficit that would occur under current law if the economy operated at potential GDP. The standardized-budget surplus or deficit provides a measure of underlying fiscal policy by removing the influence of cyclical factors. (CBO) See also deficit, fiscal policy, potential GDP, and surplus; compare with cyclical surplus or deficit.
Related Term(s): Cyclical surplus or deficit , Deficit , Fiscal policy , Potential GDP , Surplus
State farm
State member bank
State personal income
Bureau of Economic Analysis (BEA)
Definition: Income that is received by, or on behalf of, persons who live in the state. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors’ income with inventory valuation adjustment (IVA) and private capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Estimates of state personal income are presented by the place of residence of the income recipients. All estimates of state personal income are in current dollars (not adjusted for inflation).
Related Term(s): Local area personal income , Personal income
State supplementation
Statistical discrepancy
Step family
Definition: A Step family is a married-couple family household with at least one child under age 18 who is a stepchild (i.e., a son or daughter through marriage, but not by birth) of the householder. This definition undercounts the true number of step families in instances where the parent of the natural born or biological child is the householder and that parents spouse is not the child’s parent, as biological or step-parentage is not ascertained in the CPS for both parents.
Stock
Store of value
Storming
Stratum (Import Export Program)
Bureau of Labor Statistics (BLS)
Definition: A category at a level of aggregation above the classification group. The International Price Program publishes its export and import price indexes at the stratum level. Product strata are classified according to the SITC (Rev.3), BEA End Use, and Harmonized Schemes. Services strata have been developed by services analysts.
Street name
Federal Reserve Bank of Cleveland
Definition: Securities held in the name of brokers, or banks, or their nominees, instead of in the customer’s name.
Strike
Structural surplus or deficit
Related Term(s): Standardized-budget surplus or deficit
Structural unemployment
Structures
Economics: Principles & Practices
Definition: Products that are usually constructed at the location where they will be used and that typically have long economic lives.
Related Term(s): Durable goods , Stock , Stock
v
Related Term(s): S corporation
Definition: A subfamily is a married couple with or without children, or a single parent with one or more own never-married children under 18 years old. A subfamily does not maintain their own household, but lives in the home of someone else. Related subfamily. A related subfamily is a married couple with or without children, or one parent with one or more own never married children under 18 years old, living in a household and related to, but not including, the person or couple who maintains the household. One example of a related subfamily is a young married couple sharing the home of the husband’s or wife’s parents. The number of related subfamilies is not included in the count of families. Unrelated subfamily. An unrelated subfamily (formerly called a secondary family) is a married couple with or without children, or a single parent with one or more own never-married children under 18 years old living in a household. Unrelated subfamily members are not related to the householder. An unrelated subfamily may include people such as guests, partners, roommates, or resident employees and their spouses and/or children. The number of unrelated subfamily members is included in the total number of household members, but is not included in the count of family members. Beginning in 1989, any person(s) who is not related to the householder and who is not the husband, wife, parent, or child in an unrelated subfamily is counted as an unrelated individual.
Related Term(s): Credit subsidy
Federal Reserve Bank of Cleveland
Definition: Purely extraneous information (that is, a nonfundamental shock) that matters just because people expect it to matter. This is possible whenever there is a circle of self-fulfilling expectations. Models where sunspots are possible are said to be indeterminate.
SSI Annual Statistical Report, 2002
Definition: A federal program for low-income aged, blind, and disabled individuals who meet income and resource requirements. Beginning in 1974, SSI replaced the former federal/state programs of Old-Age Assistance, Aid to the Blind, and Aid to the Permanently and Totally Disabled. SSI is funded by general tax revenues, not Social Security taxes.
Bureau of Labor Statistics (BLS)
Definition: Is likely to refer to the labor force (q.v.). The concept focuses on worker characteristics, especially their education and training, but also characteristics such as experience (often considered to be correlated with age), physical strength (often considered to be inversely correlated with age), ability to work in teams, etc. Some demographic characteristics are not to be considered in hiring and promotion decisions, but which are studied include gender, race, ethnicity, parental and marital statuses.
Internal Revenue Service (IRS)
Definition: For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation. It also includes welfare, food stamps, and housing provided by the state. Support includes all income, taxable and nontaxable.
Economics: Principles & Practices
Definition: Additional tax or charge added to other charges already in place (p.245)
Federal Reserve Bank of Cleveland
Definition: An extra charge imposed on those who purchase with a credit card instead of cash. (Currently, surcharges for credit card purchases are prohibited.)
Economics: Principles & Practices
Definition: Situation where quantity supplied is greater than quantity demanded at a given price (p.144)
Office of Management and Budget
Definition: A surplus is the amount by which receipts exceed outlays in a fiscal year.
SSI Annual Statistical Report, 2002
Definition: The SIPP is a household survey of the noninstitutionalized resident population of the United States, conducted by the U.S. Census Bureau. It was designed to improve the measurement of the economic situation of persons, families, and households in the United States and to provide a tool for managing and evaluating government transfer and service programs.
Bureau of Labor Statistics (BLS)
Definition: The CPS labor force questions ask about labor market activities that occurred during a specific week each month. That week, called the survey reference week, is defined as the 7-day period, Sunday through Saturday, that includes the 12th of the month.
Related Term(s): Pay period that includes the 12th of the month
Bureau of Labor Statistics (BLS)
Definition: A series of payments to the dependents of deceased employees. Survivor benefits come in two types: first, the ”transition” type pays the named beneficiary a monthly amount for a short period (usually 24 months). Transition benefits may be followed by ”bridge benefits” that are a series of payments that last until a specific date, usually the surviving spouse’s 62nd birthday.
Federal Reserve Bank of Cleveland
Definition: Short-term reciprocal lines of credit between the Federal Reserve and 14 foreign central banks as well as the Bank for International Settlements. Through a swap transaction, the Federal Reserve can, in effect, borrow foreign currency in order to purchase dollars in the foreign exchange market. In doing so, the demand for dollars is increased and the dollar’s foreign exchange value is increased. Similarly, the Federal Reserve can temporarily provide dollars to foreign central banks through swap arrangements.
Federal Reserve Bank of Minneapolis
Definition: Short-term reciprocal lines of credit between the Federal Reserve and 14 foreign central banks as well as the Bank for International Settlements. Through a swap transaction, the Federal Reserve can, in effect, borrow foreign currency in order to purchase dollars in the foreign exchange market. In doing so, the demand for dollars is increased and the dollar’s foreign exchange value is increased. Similarly, the Federal Reserve can temporarily provide dollars to foreign central banks through swap arrangements.
Bureau of Economic Analysis (BEA)
Definition: Investment in equipment and software consists of capital account purchases of new machinery, equipment, furniture, vehicles, and computer software; dealers’ margins on sales of used equipment; and net purchases of used equipment from government agencies, persons, and the rest of the world. Own-account production of computer software is also included.
Related Term(s): Open-end lease
Bureau of Economic Analysis (BEA)
Definition: Record of transactions between U.S. residents and foreign residents resulting in changes in the level of international claims or liabilities, such as in deposits, ownership of portfolio investment securities, and direct investment.
Related Term(s): Balance of payments, Current account (international)
Financial asset
Financial asset
Bureau of Economic Analysis (BEA)
Definition: Deposits, stocks, bonds, notes, currencies, and other instruments that possess value and give rise to claims, liabilities, or equity investment. Financial assets include bank loans, direct investments, and official private holdings of debt and equity securities and other instruments. When the holder resides in a country that is different from the issuer of the instrument, it is included in the international investment position of both countries.
Bureau of Economic Analysis (BEA)
Definition: Deposits, stocks, bonds, notes, currencies, and other instruments that possess value and give rise to claims, liabilities, or equity investment. Financial assets include bank loans, direct investments, and official private holdings of debt and equity securities and other instruments. When the holder resides in a country that is different from the issuer of the instrument, it is included in the international investment position of both countries.
Related Term(s): Credit subsidy, Liquidating account, Means of financing, Program account
Federal Reserve Bank of San Francisco
Definition: A financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of 1999. These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity authorized by the Bank Holding Company Act. The Federal Reserve Board is responsible for supervising the financial condition and activities of financial holding companies. Similarly, any non-bank commercial company that is predominantly engaged in financial activities, earning 85% or more of its gross revenues from financial services, may choose to become a financial holding company. These companies are required to sell any non-financial (commercial) businesses within ten years.
Federal Reserve Bank of Cleveland
Definition: An institution that uses its funds chiefly to purchase financial assets (loans, securities) as opposed to tangible property. Financial institutions can be classified according to the nature of the principal claims they issue nondeposit intermediaries include, among others, life and property/casualty insurance companies and pension funds, whose claims are the policies they sell, or the promise to provide income after retirement; depository intermediaries obtain funds mainly by accepting deposits from the public. Although the major depository institutions historically have specialized in certain types of credit, the powers of nonbank depository institutions have been broadened in recent years. For example, NOW accounts, credit union share drafts, and other services similar to checking accounts may be offered by thrift institutions.
Federal Reserve Bank of Minneapolis
Definition: An institution that uses its funds chiefly to purchase financial assets (loans, securities) as opposed to tangible property. Financial institutions can be classified according to the nature of the principal claims they issue. See also depository institution.
Federal Reserve Bank of San Francisco
Definition: An institution that uses its funds chiefly to purchase financial assets (loans, securities) as opposed to tangible property. Financial institutions can be classified according to the nature of the principal claims they issue. See also depository institution.
Internal Revenue Service (IRS)
Definition: Spending and income records and items to keep for tax purposes, including paycheck stubs, statements of interest or dividends earned, and records of gifts, tips, and bonuses. Spending records include canceled checks, cash register receipts, credit card statements, and rent receipts.
Definition: A nonbudgetary account associated with a credit program that holds balances, receives credit subsidy payments from the program account, and includes all cash flows resulting from obligations or commitments made under the program since October 1, 1991. The transactions reflected in the financing account are considered a means of financing. See also credit subsidy, means of financing, and program account; compare with liquidating account.
Federal Reserve Bank of Cleveland
Definition: Services performed by the Federal Reserve Banks for the U.S. government. These include maintaining deposit accounts for the Treasury Department, paying U.S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities.
Federal Reserve Bank of Minneapolis
Definition: Services performed by the Federal Reserve Banks for the U.S. government. These include maintaining deposit accounts for the Treasury Department, paying U.S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities.
Federal Reserve Bank of San Francisco
Definition: Services performed by the Federal Reserve Banks on behalf of the U.S. government. These include maintaining deposit accounts for the Treasury Department, paying U.S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities.
Economics: Principles & Practices
Definition: Use of government spending and revenue collection measures to influence the economy
Economics: Principles & Practices
Definition: 12-month financial planning period that may not coincide with the calendar year; October 1 to September 30 for the federal government
Office of Management and Budget
Definition: The fiscal year is the federal government’s accounting period. It begins on October 1 and ends on September 30. For example, fiscal year 2003 begins on October 1, 2002 and ends on September 30, 2003.
Definition: A yearly accounting period. The federal government’s fiscal year begins October 1 and ends September 30. Fiscal years are designated by the calendar years in which they end–for example, fiscal year 2003 will begin October 1, 2002, and end September 30, 2003. The budget year is the fiscal year for which the budget is being considered. In relation to a session of Congress, it is the fiscal year that starts on October 1 of the calendar year in which that session of Congress begins. An out-year is a fiscal year following the budget year. The current year is the fiscal year in progress.
Bureau of Economic Analysis (BEA)
Definition: Produced assets that are used repeatedly, or continuously, in processes of production for an extended period of time. They consist of equipment and software and structures (including, by convention, owner-occupied housing), but exclude consumer durables.
Federal Reserve Bank of Cleveland
Definition: A system in which the values of different currencies are fixed relative to one another. This system existed in some form until 1973. See also Bretton Woods and floating exchange rates.
Related Term(s): Bretton Woods system, Floating exchange rates
Definition: An account established within federal funds and trust funds to record appropriations, obligations, and outlays usually financed from the associated receipt account. See also federal funds, receipt account, and trust funds.
Related Term(s): Federal funds, Receipt account, Trust funds
Bureau of Labor Statistics (BLS)
Definition: Expenditures consist of the transaction costs, including excise and sales taxes, of goods and services acquired during the interview or recordkeeping period. Expenditure estimates include expenditures for gifts, but exclude purchases or portions of purchases directly assignable to business purposes. Also excluded are periodic credit or installment payments on goods or services already acquired. The full cost of each purchase is recorded even though full payment may not have been made at the date of purchase. Expenditure categories include: Food, alcoholic beverages, housing, apparel and services, transportation, health care, entertainment, personal care products and services, reading, education, tobacco products and smoking supplies, miscellaneous, cash contributions, and personal insurance and pensions).
Bureau of Labor Statistics (BLS)
Definition: A domestic good or service that is sold (export sale) abroad. Exports include government and non-government goods and services; however they exclude goods and services to the U.S. military, diplomatic, and consular institutions abroad. Exports do include goods and services that were previously imported.
Bureau of Labor Statistics (BLS)
Definition: A sale is the price paid for the good or service, free alongside ship, as well as the inland freight, insurance, and other charges to transport the good or service to the carrier leaving the U.S. The sale price does not include the costs incurred after the good or service leaves the U.S. A sale, therefore, does not include personal and household movements of travelers and in-transit shipments.