A variable that is taken as given by an economic model. It therefore is subject to direct manipulation by the modeler. In most models, policy variables such as tariffs and par values of pegged exchange rates are exogenous. Contrasts with endogenous variable.
A variable whose value is determined outside the model in which it is used. Related: Endogenous variable
A variable whose value is determined outside the model in which it is used. Also called a parameter. 
A municipal bond offered without a law firm's legal opinion. As the majority of bonds are issued wit