NAIRU (nonaccelerating inflation rate of unemployment)
Definition: The unemployment rate consistent with a constant inflation rate. An unemployment rate higher than the NAIRU indicates downward pressure on inflation, whereas an unemployment rate lower than the NAIRU indicates upward pressure on inflation. Estimates of the NAIRU are based on the historical relationship between inflation and the unemployment rate. (CBO’s procedures for estimating the NAIRU are described in Appendix B of The Economic and Budget Outlook: An Update, August 1994.) See also inflation and unemployment rate.
Related Term(s): Inflation, Unemployment rate
NASDAQ
National Association of Securities Dealers – NASD
Federal Reserve Bank of San Francisco
Definition: A self-regulatory organization with jurisdiction over certain broker-dealers. The NASD requires member brokers to register, and conducts examinations for compliance with net capital requirements and other regulations. It also conducts market surveillance of the over-the-counter (OTC) securities market. National Association of Securities Dealers Automated Quotations (NASDAQ) is a subsidiary of the NASD which facilitates the trading of approximately 5,000 most active OTC issues through an electronically connected network.
National Association of Securities Dealers (NASD)
Federal Reserve Bank of Cleveland
Definition: A self-regulatory organization with jurisdiction over certain broker-dealers. The NASD requires member brokers to register, and conducts examinations for compliance with net capital requirements and other regulations. It also conducts market surveillance of the over-the-counter (OTC) securities market. NASDAQ is a subsidiary of the NASD which facilitates the trading of approximately 5,000 most active OTC issues through an electronically connected network.
Federal Reserve Bank of Minneapolis
Definition: A self-regulatory organization with jurisdiction over certain broker-dealers. The NASD requires member brokers to register and conducts examinations for compliance with net capital requirements and other regulations. It also conducts market surveillance of the over-the-counter (OTC) securities market. National Association of Securities Dealers Automated Quotations (NASDAQ) is a subsidiary of the NASD which facilitates the trading of approximately 5,000 most active OTC issues through an electronically connected network.
National Association of Securities Dealers Automated Quotations – NASDAQ
National Association of Securities Dealers Automated Quotations (NASDAQ )
National bank
Related Term(s): National Bank note
Definition: Total saving by all sectors of the economy: personal saving, business saving (corporate after-tax profits not paid as dividends), and government saving (the budget surplus or deficit). National saving represents all income not consumed, publicly or privately, during a given period. (BEA) See also national income, net national saving, and personal saving.
Related Term(s): National income, Net national saving, Personal saving
Definition: Native born people are citizens at birth. All people with the following citizenship status are native born: (1) Born in the United States; (2) Born in Puerto Rico or a U.S., outlying area; or (3) Born abroad of American parents (see Citizenship status). All other people are foreign born.
Related Term(s): Nativity
Definition: There are two major categories of nativity, Native born and Foreign born (see Native born).
Related Term(s): Native born
Definition: The rate of unemployment arising from all sources except fluctuations in aggregate demand. Those sources include frictional unemployment, which is associated with normal turnover of jobs; structural unemployment, which includes unemployment caused by mismatches between the skills of available workers and the skills necessary to fill vacant positions; and unemployment caused by such institutional factors as legal minimum wages, the presence of unions, social conventions, or employer wage-setting practices intended to increase workers’ morale and effort. See also aggregate demand and unemployment rate.
Federal Reserve Bank of San Francisco
Definition: The rate of unemployment attainable without stimulating an increase in the inflation rate.
Related Term(s): Aggregate demand, Unemployment rate
Need
Negative amortization
Federal Reserve Bank of Minneapolis
Definition: An increase in the principal of a loan, when the loan payments are insufficient to pay the interest due. The unpaid interest is added to the outstanding loan balance causing the principal to increase rather than decrease as payments are made. This situation typically occurs in an adjustable mortgage with an annual cap limiting any increases in the interest rate, and also in a graduated payment mortgage, which has low initial payments so moderate-income borrowers can afford to make the loan payments.
Federal Reserve Bank of San Francisco
Definition: An increase in the principal of a loan, when the loan payments are insufficient to pay the interest due. The unpaid interest is added to the outstanding loan balance causing the principal to increase rather than decrease as payments are made. This situation typically occurs in an adjustable mortgage with an annual cap limiting any increases in the interest rate, and also in a graduated payment mortgage, which has low initial payments so moderate-income borrowers can afford to make the loan payments.
Negative externality
Negative income tax
Negotiable Order of Withdrawal (NOW)
Negotiable Order of Withdrawal account – NOW
Federal Reserve Bank of San Francisco
Definition: An interest earning account on which checks may be drawn. Withdrawals from NOW accounts may be offered by commercial banks, mutual savings banks, and savings and loan associations and may be owned only by individuals and certain nonprofit organizations and governmental units.
Negotiable order of withdrawal account (NOW)
Federal Reserve Bank of Minneapolis
Definition: An interest-earning account on which checks may be drawn. Withdrawals from NOW accounts may be offered by commercial banks, mutual savings banks, and savings and loan associations and may be owned only by individuals and certain nonprofit organizations and governmental units.
Bureau of Economic Analysis (BEA)
Definition: The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production; equal to gross domestic product (GDP) less consumption of fixed capital (CFC). NDP may be viewed as an estimate of sustainable product, which is a rough measure of the level of consumption that can be maintained while leaving capital assets intact.
Net government saving
Net gross receipts (NGR)
Net immigration
Net Income
Net indebtedness
Definition: The amount of debt held by the public minus any balance of uncommitted funds. See also debt and uncommitted funds.
Related Term(s): Debt, Uncommitted funds
Net interest
Definition: In the federal budget, net interest comprises the government’s interest payments on debt held by the public (as recorded in budget function 900) offset by interest income that the government receives on loans and cash balances and by earnings of the National Railroad Retirement Investment Trust.
Net lending or net borrowing, national income and product accounts
Bureau of Economic Analysis (BEA)
Definition: An indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents. It is equal to the balance on current account, national income and product accounts less capital transfers to the rest of the world (net).
Definition: National saving minus depreciation of physical capital. See also capital, depreciation, and national saving.
Related Term(s): Capital, Depreciation National saving
Bureau of Economic Analysis (BEA)
Definition: A profits-like measure that shows business income after subtracting the costs of compensation of employees (received), taxes on production and imports less subsidies, and consumption of fixed capital (CFC) from value added, but before subtracting financing costs and business transfer payments. Consists of the net operating surplus of private enterprises and the current surplus of government enterprises.
NIPAs
Related Term(s): National income and product accounts (NIPAs)
Nominal
Definition: A measure based on current-dollar value. The nominal level of income or spending is measured in current dollars. The nominal interest rate on debt selling at par is the ratio of the current-dollar interest paid in any year to the current-dollar value of the debt when it was issued. The nominal interest rate on debt initially issued or now selling at a discount includes as a payment the estimated yearly equivalent of the difference between the redemption price and the discounted price. The nominal exchange rate is the rate at which a unit of one currency trades for a unit of another currency. See also current dollar; compare with real.
Related Term(s): Current dollar, Real
Nominal GDP
Related Term(s): Current GDP
Nominal interest rates
Nominal rigidity
Federal Reserve Bank of Cleveland
Definition: An assumption made in some general-equilibrium models that some nominal variable (such as prices) does not respond instantaneously to money shocks. This assumption is usually made so that money shocks will affect real and not just nominal variables.
Related Term(s): General-equilibrium model
Nominal vs. real interest rates
Federal Reserve Bank of Cleveland
Definition: The nominal interest rate is a money charge for the use of borrowed money or the return someone receives for lending out money as a percent of the amount borrowed or lent. The real interest rate adjusts the nominal interest rate for changes in inflation over the time period, and thus measures the purchasing power (in terms of goods and services) of the loan.
Nonbank financial institution
Bureau of Economic Analysis (BEA)
Definition: Tangible products that can be stored or inventoried and that have an average life of less than three years.
Related Term(s): Durable goods, Services, Structures
Bureau of Economic Analysis (BEA)
Definition: Income from current production not accruing to labor or capital. Includes business current transfer payments (net), taxes on production and imports, and the current surplus of government enterprises less subsidies.
Related Term(s): Factor income, National income (NI)
Federal Reserve Bank of San Francisco
Definition: A depository institution (commercial bank, mutual savings bank, savings and loan association, credit union, or U.S. agency or branch of a foreign bank) that is not a member of the Federal Reserve System. Nonmember depository institutions that offer transaction accounts or nonpersonal time deposits are subject to reserve requirements set by the Federal Reserve, and have access to the Federal Reserve discount window and Federal Reserve services on the same terms as member banks.
Bureau of Economic Analysis (BEA)
Definition: Consists of purchases of both nonresidential structures and equipment and software.
Related Term(s): Equipment and software, Fixed investment, Nonresidential structures
Bureau of Economic Analysis (BEA)
Definition: Investment in nonresidential structures consists of new construction (including own-account production), improvements to existing structures, expenditures on new mobile structures, brokers’ commissions on sales of structures, and net purchases of used structures by private businesses and by nonprofit institutions from government agencies. New construction includes hotels and motels and mining exploration, shafts, and wells. Nonresidential structures also includes equipment considered to be an integral part of a structure, such as plumbing, heating, and electrical systems.
Related Term(s): Fixed investment, Nonresidential fixed investment
Economics: Principles & Practices
Definition: Same as Negotiable Order of Withdrawal; a type of checking account that pays interest
Related Term(s): Negotiable Order of Withdrawal (NOW)