Target price
Tariff
Tax assessor
Tax avoidance
Tax base
Tax credit
Tax cut
Tax liability (or total tax bill)
Tax loophole
Tax preparation software
Tax return
Tax shift
Taxable interest income
Taxes
Taxes from the rest of the world
Taylor rules
Technical change
Technological monopoly
Technological unemployment
TeleFile
Internal Revenue Service (IRS)
Definition: An interactive computer program that allows a qualified taxpayer to file a simple federal tax return electronically with the IRS using a toll-free number. The IRS determines which taxpayers can use the TeleFile option and mails those taxpayers a TeleFile booklet explaining the process.
Temporary help agency
Bureau of Labor Statistics (BLS)
Definition: Establishment primarily engaged in supplying workers to clients’ businesses for limited periods of time to supplement the work force of the client; the individuals provided are employees of the temporary help service establishment, but these establishments do not provide direct supervision of their employees.
Tender
Federal Reserve Bank of Cleveland
Definition: An application or offer to purchase a U.S. Treasury bill, note, or bond.
Tenure
Definition: A housing unit is ”owned” if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. A cooperative or condominium unit is ”owned” only if the owner or co-owner lives in it. All other occupied units are classified as ”rented,” including units rented for cash rent and those occupied without payment of cash rent.
Bureau of Labor Statistics (BLS)
Definition: Allocation of inputs into two or more economies that take advantage of differences in comparative advantages and, through specialization, improve the production of the economies. Note that a change in the terms of trade should cause all domestic production to change (i.e. re-allocates all inputs), rather than just imports.
Federal Reserve Bank of Cleveland
Definition: The trading desk at the New York Federal Reserve Bank, through which open market purchases and sales of government and federal agency securities are made. The desk maintains direct telephone communication with major government securities dealers. A ”foreign desk” at the New York Federal Reserve Bank conducts transactions in the foreign exchange market.
Federal Reserve Bank of Minneapolis
Definition: The trading desk at the Federal Reserve Bank of New York through which open market purchases and sales of government and federal agency securities are made. The desk maintains direct telephone communication with major government securities dealers. A “foreign desk” at the Federal Reserve Bank of New York conducts transactions in the foreign exchange market.
Federal Reserve Bank of San Francisco
Definition: The trading desk at the Federal Reserve Bank of New York through which open market purchases and sales of government and federal agency securities are made. The desk maintains direct telephone communication with major government securities dealers. A ‘foreign desk’ at the Federal Reserve Bank of New York conducts transactions in the foreign exchange market.
Related Term(s): Desk, Desk (the desk)
Theory of negotiated wages
Theory of production
Three-month Treasury bill
Thrift institution
Economics: Principles & Practices
Definition: Savings & loan associations, mutual savings banks, and other depository institutions historically catering to savers
Thrift institutions
Related Term(s): Financial institution
Thrift Institutions Advisory Council – TIAC
Federal Reserve Bank of San Francisco
Definition: A council, established following the passage of the Monetary Control Act of 1980, whose purpose is to provide information and views on the special needs and problems of thrifts. The group is comprised of representatives of savings banks, savings and loan associations, and credit unions.
Thrift Institutions Advisory Council (TIAC)
Federal Reserve Bank of Minneapolis
Definition: A council, established following the passage of the Monetary Control Act of 1980, whose purpose is to provide information and views on the special needs and problems of thrifts. The group is comprised of representatives of savings banks, savings and loan associations, and credit unions.
Tight money policy
Federal Reserve Bank of San Francisco
Definition: In stabilization policy, refers to the period between an economic event and the impact of the economic policy to correct it. See also recognition lag, implementation lag, and impact lag.
Related Term(s): Impact lag, Implementation lag, Recognition lag
Bureau of Labor Statistics (BLS)
Definition: An index series is simply a way of expressing, in percentage terms, the change in some variable from a given point in time to another point in time. For example, let’s say that output increased by 10 percent from an initial year (1987) to a subsequent year (1988). The index for our arbitrarily chosen base year of 1987 would be 100.0 while the index for 1988 would be 110.0. Conversely, if output had declined in 1988 by 10 percent, the 1988 index value would be 90.0.
Tip income
Too-big-too-fail
Federal Reserve Bank of Minneapolis
Definition: Government practices that protect large banking organizations from the normal discipline of the marketplace because of concerns that such institutions are so important to markets and their positions so intertwined with those of other banks that their failure would be unacceptably disruptive, financially and economically.
Top-down model
Total compensation (Employment Cost Index)
Bureau of Labor Statistics (BLS)
Definition: All types of employee compensation: wages and salaries, non-wage cash payments and fringe benefits. Total compensation in the Employment Cost Index is defined as the employer’s cost of wages and salaries and employee benefits.
Related Term(s): Compensation (National Compensation Survey)
Total cost
Total factor productivity
Related Term(s): Productivity
Total nonfinancial debt
Federal Reserve Bank of San Francisco
Definition: Includes outstanding credit market debt of federal, state, and local governments and of private nonfinancial sectors (including mortgages and other kinds of consumer credit and bank loans, corporate bonds, commercial paper, bankers acceptances, and other debt instruments).
Bureau of Economic Analysis (BEA)
Definition: A set of tables in the input-output (I-O) accounts calculated from the make table and use table. They show the inputs that are required directly and indirectly to deliver a dollar of output to final uses. There are three total requirements tables. In the commodity-by-industry table, the column shows the commodity delivered to final uses and the rows show the total production of each commodity required to meet that demand. In the industry-by-commodity table, the column shows the commodity delivered to final uses and the rows show the total production of each industry required. In the industry-by-industry table, the column shows the industry output delivered to final uses and the rows show the total production required by each industry.
Related Term(s): Direct requirements table, Make table, Use table
Trade deficit
Economics: Principles & Practices
Definition: Balance of payments outcome when spending on imports exceeds revenues received from exports
Federal Reserve Bank of Cleveland
Definition: Refers to the amount by which merchandise imports exceed merchandise exports.
Trade union
Trade-offs
Trade-weighted value of the dollar
Economics: Principles & Practices
Definition: Index showing strength of the United States dollar against a market basket of other foreign currencies
Federal Reserve Bank of Cleveland
Definition: The value of the dollar pegged to or expressed relative to a market basket of selected foreign currencies. The Federal Reserve calculates a trade-weighted value of the dollar based on the weighted-average exchange value of the dollar against the currencies of 10 industrial countries.
Federal Reserve Bank of Minneapolis
Definition: The value of the dollar pegged to, or expressed relative to, a market basket of selected foreign currencies. The Federal Reserve calculates a trade-weighted value of the dollar based on the weighted-average exchange value of the dollar against the currencies of 10 industrial countries.
Federal Reserve Bank of San Francisco
Definition: The value of the dollar pegged to or expressed relative to a market basket of selected foreign currencies. The Federal Reserve calculates a trade-weighted value of the dollar based on the weighted-average exchange value of the dollar against the currencies of 10 industrial countries.
Traditional economy
Traditional theory of wage determination
Transaction account
Federal Reserve Bank of Cleveland
Definition: A checking account or similar account from which transfers can be made to third parties. Demand deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
Federal Reserve Bank of Minneapolis
Definition: A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
Federal Reserve Bank of San Francisco
Definition: A checking or similar account from which transfers can be made to third parties. Demand deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
Bureau of Labor Statistics (BLS)
Definition: The market sale price of a good or input shows what has to be given in exchange in order to obtain a good or service. It is usually denoted in money terms although payment need not be in a monetary form. The relative price is expressed in terms of the quantity of some other good which has to be given in exchange for the original good. Thus, if all prices increase at the same rate, absolute prices will rise but relative prices will remain unchanged.
Economics: Principles & Practices
Definition: Short-term United States government obligation with a maturity of one year or under in denominations of $10,000
Federal Reserve Bank of Cleveland
Definition: Short-term U.S. Treasury security issued in minimum denominations of $10,000 and usually having original maturities of 3, 6, or 12 months. Investors purchase bills at prices lower than the face value of the bills; the return to the investors is the difference between the price paid for the bills and the amount received when the bills are sold or when they mature. Treasury bills are the type of security used most frequently in open market operations.
Federal Reserve Bank of Minneapolis
Definition: Short-term U.S. Treasury security having a maturity of up to one year and issued in denominations of $10,000 to $1 million. T-bills are sold at a discount: Investors purchase a bill at a price lower than the face value (for example, the investor might buy a $10,000 bill for $9,700); the return is the difference between the price paid and the amount received when the bill is sold or it matures (if held to maturity, the return on the T-bill in the example would be $300). T-bills are the type of security most frequently used in Federal Reserve open market operations.
Economics: Principles & Practices
Definition: United States government bond with maturity of 10 to 30 years
Federal Reserve Bank of Cleveland
Definition: Long-term U.S. Treasury security usually having initial maturities of more than 10 years and issued in denominations of $1,000 or more, depending on the specific issue. Bonds pay interest semiannually, with principal payable at maturity.
Economics: Principles & Practices
Definition: United States government obligation with a maturity of 2 to 10 years
Federal Reserve Bank of Cleveland
Definition: Intermediate-term coupon-bearing U.S. Treasury security having initial maturities from 1 to 10 years and issued in denominations of $1,000 or more, depending on the maturity of the issue. Notes pay interest semiannually, and the principal is payable at maturity.
Federal Reserve Bank of Cleveland
Definition: Interest-bearing obligations of the U.S. government issued by the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into three categories – bills, notes, and bonds. Marketable Treasury obligations are currently issued in book entry form only; that is, the purchaser receives a statement, rather than an engraved certificate.
Trough
Trust
Trust fund
Trust funds
Office of Management and Budget
Definition: Trust funds are federal government accounts designated as “trust funds” by law to record receipts and spend them for specified purposes.
Definition: Government funds that are designated by law as trust funds (regardless of any other meaning of that term). Trust funds display the revenues, offsetting receipts or offsetting collections, and outlays that result from implementation of the law that designated the fund as a trust fund. The federal government has more than 200 trust funds. The largest and best known finance major benefit programs (including Social Security and Medicare) and infrastructure spending (the Highway and the Airport and Airway Trust Funds). See also offsetting collections, offsetting receipts, outlays, and revenues; compare with federal funds.
Turnover
Turnover rate
Bureau of Labor Statistics (BLS)
Definition: The number of total separations during the month divided by the number of employees who worked during or received pay for the pay period that includes the 12th of the month (monthly turnover); the number of total separations for the year divided by average monthly employment for the year (annual turnover).