Copy of `Oesterreichische Nationalbank - Dictionary`

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Oesterreichische Nationalbank - Dictionary Category: Economy and Finance Date & country: 04/10/2008, AU Words: 3913

multi-source feedback
Eine Befragung ist dann ein Multi-Source Feedback, wenn mehrere Feedback-Geber-Gruppen einem Feedback-Nehmer auf Basis eines strukturierten Fragebogens Feedback geben. Dabei unterscheiden wir die folgenden 3 Typen des Multi-Source Feedbacks: 180° Feedback: Das 180° oder Upward Feedback besteht aus 2 Feedback-Geber-Gruppen. Typischerweise sind das ...

multi-speed Europe
`Multi-speed` Europe is the term used to describe the idea of a method of differentiated integration whereby common objectives are pursued by a group of Member States both able and willing to advance, it being implied that the others will follow later....

multitranche bond
A multi-tranche bond is a fixed-interest bond. An investor enters into the obligation to buy a specified volume of bonds in several tranches upon request of the issuer at preset times and terms. Each tranche is usually issued with the same fixed coupon at a price of 100 (coupon = yield), all tranches falling due at the same time and redeemable only...

municipal bond
A municipal bond (Kommunalschuldverschreibung) is a certificate of debt issued by a mortgage bank. Security for the debt is provided by loans extended to, or guaranteed by, public authorities. (§ 41 Mortgage Bank Act, § 7 Mortgage Bond Act). is187/2000...

municipal bond
Bond issued by a state, city, or local government to finance operations or special projects; interest on it is often tax-free. also called muni....

municipal bond
municipal bond: debt obligation of a state or local government entity. The funds may support general governmental needs or special projects. Prior to the tax reform act of 1986, the terms municipal and tax-exempt were synonymous, since virtually all municipal obligations were exempt from federal income taxes and most from state and local income tax...

municipality
Municipality - an incorporated or unincorporated regional municipality, city, town, village, rural municipality, township, county, district or other municipality, however designated; or any other local or regional authority that is determined by the Governor in Council to be a municipality for the purposes of this Part....

mutilated coin
Mutilated coin is coin that is chipped, fused, and not machine countable. Mutilated coin is not redeemable at face value; it is redeemable at its bullion (metal) value as established by the Director of the United States Mint....

mutilated coin
Mutilated means coin that has been bent or twisted out of shape, punched, clipped, plugged, fused or defaced but that can be identified as to genuineness and denomination....

mutilated coins
United States coins no longer fit for circulation are classified as `uncurrent` or mutilated. Uncurrent coins are coins that are worn yet recognizable as to genuineness and denomination, and are machine countable. Uncurrent coins are redeemed by the Federal Reserve Banks, then forwarded to the Mint for disposition. Mutilated coins are coins that ...

mutilated currency
Mutilated currency is defined as lawfully held U.S. currency that is not recognizable by denomination and/or not easily verified due to deterioration. For example, currency can be rendered mutilated by being buried, burned, or decomposed due to aging....

mutilated currency
Mutilated means a note that has been damaged to the extent that one-half or less of the note remains, or its condition is such that its value is questionable and special examination by trained experts at the Department of the Treasury is required before any exchange is made....

mutual insurance company
An insurance company that is owned by its policyowners....

NAB
The NAB are a set of credit arrangements between the IMF and 26 members and institutions to provide supplementary resources to the IMF to forestall or cope with an impairment of the international monetary system or to deal with an exceptional threat to the stability of that system....

NACE
General Industrial Classification of Economic Activities within the European Communities...

nailscratch feature
`ISARD` ist eine Abkürzung für eine auf Linien basierende Tiefdruckfläche, die beim Kratzen mit dem Fingernagel ein `Geräusch` erzeugt. Nailscratch-Feature: Das ist ein Begriff, den Banknotenexperten für diesen Effekt vergeben haben -> eingedeutscht wurde dieser Begriff bis dato nicht (zum Glück)....

naive forecast
Naive rules are simple but potentially effective time-series forecasting techniques. They are rules in the sense that they are prespecified so that no parameter values need be estimated. The naivete is implicit in the fact that the basis for any naive forecast of a time series is the time series itself. The series is used to predict itself, that is...

NAPM index
Founded in 1915, the National Association of Purchasing Management, Inc. (NAPM) is one of the most respected professional organizations in the United States. NAPM is a communication link with more than 47,000 purchasing and supply management professionals. NAPM is a progressive association with a mission to provide national and international leader...

Napoleon
The Napoleon is a pastry made of many layers of puff pastry with filling alternating the layers. It can be a dessert, or almost a meal. ... As a French pastry, it is called mille-feuilles, or thousand leaves, for the pastry, and is usually filled with whipped cream, pastry cream (flavored custard), and fruit preserves - most often raspberry jam. Th...

Napoleon pastry
It is known as mille-feuilles in France. Outside of France it is known as `Napoleon.` It consists of layers of puff pastry interspersed with pastry cream or whipped cream and iced with fondant and chocolate or with confectioner`s sugar....

narrow market
A market in which the trading of shares is only light. Slight movement in activity can result in exaggerated price fluctuations....

NASDAQ Composite Index
Created By: NASD in 1971; Number of Companies: 5000+; Types of Companies: Contains all of the companies that trade on the NASDAQ. Most are technology and Internet related although there are financial, consumer, and industrial companies as well....

Nash equilibrium
DEFINITION: If there is a set of strategies with the property that no player can benefit by changing her strategy while the other players keep their strategies unchanged, then that set of strategies and the corresponding payoffs constitute the Nash Equilibrium....

national accounts
A coherent, consistent and integrated set of macroeconomic accounts, balance sheets and tables based on a set of internationally agreed concepts, definitions, classifications and accounting rules. National accounts provide a comprehensive accounting framework within which economic data can be compiled and presented in a format that is designed for ...

national currency unit
a unit of currency of a participating Member State, as defined on the day before the start of the third stage of Economic and Monetary Union; Sprachendienst der Europäischen Kommission...

national income
National income is the sum of the factor incomes. It is a net factor-cost measure (net of CFC) equal to the income that originates in the production of goods and services from labor and property supplied by U.S. residents....

National Reform Programme
Every Member State draws up a National Reform Programme (until 2005, National Action Plans) which describes how the Employment Guidelines are put into practice at the national level. They present the progress achieved in the Member State over the last 12 months and the measures planned for the coming 12 months: they are both reporting and planning ...

national saving
Calculated as the sum of the net saving of each of the resident sectors - households and unincorporated enterprises, non-financial corporations, financial corporations and general government. Also referred to as net saving....

national saving rate
gross saving as a percentage of gross national product...

national wealth
National wealth is the sum, for the economy as whole, of non-financial assets and net claims on the rest of the world...

Nationalrat
In the event that the `Nationalrat`, the lower chamber of the Austrian Parliament, explicitly passes a vote of no confidence in the Federal Government or in an individual Federal Minister, then the Federal Government or the Federal Minister concerned must be dismissed....

NATO
The North Atlantic Treaty Organisation (NATO) is an alliance of 26 countries from North America and Europe committed to fulfilling the goals of the North Atlantic Treaty signed on 4 April 1949....

natural logarithm
The power to which the value 2.71828 (e) must be raised to yield a particular number. These logarithms have a special property. The natural logarithm of the quantity, one plus a periodic rate of return, equals the continuous rate of return. For example, the natural logarithm of 1.10 equals 9.53%. If one were to invest $1 at a continuously compounde...

natural rate of interest
which neither stimulates nor restricts the economy...

natural rate of unemployment
the average unemployment rate that prevails in the economy, depending on the average rates of job separation and job findings, cf, M. Friedman...

nav bar
`Nav frame,` `nav bar,` and `nav panel` refer to a consistent piece of software interface that allows the user to `navigate` around the software, presentation, or web site....

navigation bar
The set of directional tools presented on a Web site, or the hyperlinked options that when clicked on take you to other sections of the site. The names on a nav bar are usually determined by the titles of the sections within a Web site....

NDC plan
Notional defined contribution (NDC) plans are one of the most controversial topics in pension reform today. Several countries have adopted systems that use notional accounts, including Sweden, Latvia, Poland, Italy and Mongolia. Many others are considering them. NDCs have strong supporters and equally strong detractors. Notional defined contributio...

NDF
A synthetic foreign currency forward contract on a non-convertible or thinly traded currency. These generally settle in the investor`s base currency with terms set against an agreed posted or dealer rate....

near money
Financial assets that are risk-free and which are readily convertible into money; these are so easily converted into money that they are close to actually being money....

near money
Highly liquid assets which are not cash but can easily be converted into cash, such as bank deposits and Treasury Bills. similar to cash equivalents....

near money market fund
These funds primarily invest in fixed-income securities with short residual maturities, variable interest bonds and time money. Their objective is consistent performance independent of interest rate fluctuations. They are primarily suitable for short-term and medium-term investors who want security....

negative acknowledgement
A negative acknowledgement, sent by the system to the sender of an input message, notifying rejection of that message. The reason for rejection is indicated by an error code. In case of a payment message, the sender remains responsible for the payment....

negative income tax
The Chicago economist, Nobel laureate and founding father of monetarism Milton FRIEDMAN is commonly credited for having been the first to propose the `negative income tax`, sometimes presented as the `right-wing` version of an unconditional basic income. The expression `negative tax` is actually much older: it was coined by the French economist Aug...

negative skew
A long tail to the left is negative skew....

negotiable
Title to a security is transferable from one entity to another without requiring recourse to or permission of the debtor. In essence, negotiable means tradeable....

neoclassical economics
Neoclassical economics is grouping of a number of schools of thought in economics. There is not complete agreement on what is meant by neoclassical economics—in particular, vision, problem domains, and particular concerns vary among neoclassical economists. Neoclassical theories often revolve around utility and profit maximization. Profit maximi...

net asset value
The value of a fund`s investments. For a mutual fund, the net asset value per share usually represents the fund`s market price, subject to a possible sales or redemption charge. For a closed-end fund, the market price may vary significantly from the net asset value....

net borrowing
(5.10) The financial account (of a sector or the rest of the world) shows on its left side acquisitions less disposals of financial assets, while its right side shows the incurrence of liabilities less their repayment. The balancing item of the financial account, that is net acquisition of financial assets less net incurrence of liabilities, is net...

net capital stock
The sum of the written-down values of all the fixed assets still in use is described as the net capital stock; it can also be described as the difference between gross capital stock and consumption of fixed capital....

net credit (or debit) position
a participant`s net credit or net debit position in a netting system is the sum of the value of all the transfers it has received up to a particular point in time less the value of all transfers it has sent. If the difference is positive, the participant is in a net credit position; if the difference is negative, the participant is in a net debit p...

net external assets
Net external assets are defined as external assets held by MFIs less external liabilities of MFIs. External assets are holdings of cash in non-euro area currencies, holdings of securities issued by non-euro area residents, loans to non-euro area residents (including banks), and gold and special drawing rights (SDRs) held by the Eurosystem. External...

net external debt
nonequity assets minus nonequity liabilitiesin the IIP...

net external debt
The Guide also explains the concept of net external debt - that is, a comparison of the stock of external debt with holdings of external financial assets of similar instrument type....

net external debt position
Similarly, the Guide advises on the measurement and presentation of the net external debt position - gross external debt less external assets in the form of debt instruments....

net financial assets
The difference between total financial assets and total liabilities is called net financial assets (see paragraph 7.67.)....

net financial assets
The financial balance sheet (of a sector or the rest of the world) shows on its left side financial assets and on its right side liabilities. The balancing item of the financial balance sheet is net financial assets (BF.90)....

net fixed capital formation
Net fixed capital formation` consists of gross fixed capital formation minus the cost of replacement of existing fixed assets - i.e. it covers only new fixed assets obtained. (r.cade are currently awaiting clarification from Eurostat on this definition. Information will be updated as soon as it becomes available (9/97)....

net float
The net float at a point of time is simply the overall difference between the firm`s available bank balance and the balance shown by the ledger account of the firm. If the net float is positive, i.e., payment float is more than receipt float, then the available bank balance exceeds the book balance. However, if the available bank balance is less th...

net forward position
The net forward position (i.e. all amounts to be received less all amounts to be paid under forward exchange transactions, including currency futures and the principal on currency swaps not included in the spot position)....

net income from abroad
Net income from abroad is the difference between the total values of the primary incomes receivable from, and payable to, non-residents....

net interest margin
Average net interest margin is the ratio of net interest income to average assets....

net interest margin
Net Interest Margin is a percentage computed by dividing net interest income, on a taxable equivalent basis, by average earning assets. Used as an analytical tool to measure profit margins from providing credit services....

net interest margin
the spread between a bank`s interest income and its interest expense; it is roughly analogous to a business` profit margin. Fed...

net investment position
external assets minus external liabilities in the IIP...

net issue
Net issues are gross issues minus redemptions during the same period. In principle, they correspond to the changes in amounts outstanding between two periods, though differences may arise from valuation changes, reclassifications and other adjustments during the periods....

net manufacturing output
Gross manufacturing output less intermediate consumption by manufacturing equals net manufacturing output (manufacturing GDP)...

net national product
(income approach): compensation of employees + proprietor`s income + rental income of persons + corporate profits + net interest = national income; + indirect business taxes = net national product; + depreciation (income paid to capital) = gross national product; - net factor payments = GDP....

net national product at factor cost
net national product (NNP) at factor cost, also known as national income...

net output
The output measure of GDP, and hence the IoS, is based on each industry`s net output. Net output is the same as gross value added, that is the value of its gross (or total) output less any goods or services it has acquired from other industries or has imported. For example, the value of the gross output of the road transport industry includes the v...

net positive position
net IIP preceded by a plus sign; IMF 5th BoP Manual §476...

net present value
The expected or certain value of a future cash flow discounted to the present at an appropriate interest (discount) rate. ifciGL...

net rent
Net Rent is Rent, excluding a tenant`s share of real estate taxes, operating cost, and other costs directly related to the tenants` occupancy of the space...

net saving
Net saving is net disposable income less final consumption expenditure....

net saving
Net saving is the change in the real value of assets (investment minus depreciation minus net foreign borrowing)...

net settlement system
a funds transfer system whose settlement operations are completed on a bilateral or multilateral net basis....

net settlement system
a system in which transfer orders are settled on a net basis. Some systems distinguish between types of transfer orders and settle some, such as payment orders, on a net basis and settle others, such as securities transfer orders, on an instruction-by-instruction basis....

net settlement system
Interbank funds transfer systems can be classified in several ways. Among other things, differences in the way settlement takes place provide a useful framework for the discussions in the later sections of this report. A common distinction in this respect is to divide systems into net settlement systems and gross settlement systems. In a net settle...

net spot position
The net spot position (i.e. all asset items less all liability items, including accrued interest, in the currency in question)....

net turnover
Net turnover (as defined in Article 28 of the Fourth Council Directive (EEC), No. 78/660 of 25.07.1978 based on Article 54 (3) of the Treaty on the annual accounts of certain types of companies) comprises the amounts derived from the sale of products and the provision of services falling within the company`s ordinary activities, after deduction of ...

net wealth
Capital: The fundamental concept of economic calculation which expresses in monetary terms the net wealth (assets minus liabilities) of the complex of all kinds of capital goods and marketable assets (savings) belonging to a definite person or other unit participating in a market economy....

net worth
The amount of a company`s stockholders` equity. Listed as total stockholders` equity on the statement of financial position....

netcast
Netcast is another name for Webcast....

netting
an agreed offsetting of positions or obligations by trading partners or participants in a system. The netting reduces a large number of individual positions or obligations to a smaller number of positions. Netting may take several forms which have varying degrees of legal enforceability in the event of default of one of the parties (related terms: ...

netting
The net exposure of one party on its entire swap portfolio can be calculated by one of two methods. Netting by novation is allowed by the BIS under the Basle Accord, but netting by close-out is not. DICderivatives...

netting
The term `netting` is used to describe the process of offsetting mutual obligations e.g. to offset an obligation owed by Bank A to Bank B with an obligation Bank B has to Bank A. There are three principal techniques for netting: 1) netting by novation: the process of replacing a set of obligations involving gross payments/deliveries with another se...

netting by novation
netting by novation agreements provide for individual forward-value contractual commitments (e.g. foreign exchange contracts) to be discharged at the time of their confirmation and replaced by new obligations forming part of a single agreement. Amounts due under a discharged contract will be added to running balances due between the parties in each...

netting by novation
This is a complex procedure but does permit a snapshot of the net exposure between two parties at any given time. Under netting by novation, the whole portfolio of swap contracts in force between two parties is combined into one overall, master contract that calculates the net effect of amalgamating all swap payments due. This process is then repea...

network effect
Originated by Robert Metcalfe, the term Network Effect refers to the idea that networks grow in value with more participants. In marketplaces, it describes a cycle in which more buyers attract more sellers, and vice versa. Demand aggregation magnifies the Network Effect of marketplaces by creating powerful incentives for buyers and sellers to join ...

network effect
The term `network effects` is used to describe the experience that an innovation will be more beneficial to a potential user the more widespread this innovation already is and the more it is used by third parties....

network service provider
`network service provider` shall mean the undertaking appointed by the ECB to provide computerised network connections for interlinking...

new business
New business shall be defined as any new agreement between the household or non-financial corporation and the reporting agent....

New Economy
The most distinct notion of a new economy defines it as a sustainable increase in labour productivity - output per worker or worker-hour - as a result of the production of deployment of information technology....

New Europe Exchange
NEWEX (New Europe Exchange) is a securities exchange........

NewCronos
the Eurostat`s Reference Database....

new-Keynesian
The label new-Keynesian should be attributed to Michael Parkin (1982), who has offered me the opinion that he originated the term new-Keynesian theory, not new-Keynesian macroeconomics. ... One of the first uses of the label new-Keynesian economics is in a scholarly article by Laurence Ball, N. Gregory Mankiw and David Romer (1988). The word new ra...

news flash to staff
a circular containing OeNB-specific information; it is distributed to staff (electronically)...

night depository
After-hours drawer where members can drop deposits....

night schilling
Literally `night-shilling`, this Austrian 50 groschen piece in the year 1934 was quickly taken out of circulation on account of it being easily mistaken for the shilling in the dark. Hence the nickname....

Nikkei 225
The most widely followed Japanese stock index, based on 225 stocks traded on the Tokyo Stock Exchange. Futures on the index are traded in Osaka and Singapore, and one is planned for the CME....