The Tax Research glossary seeks to explain the terms used on this blog that refer to more technical aspects of economics, accounting and tax. It recognises that understanding these terms is critical to understanding the economic issues that affect us all the time.

Like the rest of the Tax Research blog, this glossary is written by Richard Murphy unless there is a note to the contrary. It is normative approach and reflects post-Keynesian, heterodox economic opinion with a bias towards modern monetary theory. The fact that many items in that sentence are hyperlinked shows that they are explained in the glossary.

The copyright notices pertaining to the Tax Research blog apply to this glossary.

The glossary is designed to achieve three goals:

  • It seeks to provide a short, hopefully straightforward, definition of what a term might mean.
  • It then seeks, when appropriate, to explain what the term means within the context in which it is used. This is meant to elaborate the definition to add to understanding.
  • It then critiques the term, explaining, if appropriate, what the weaknesses inherent in the term or the situation it describes are. The aim here is to empower the reader to understand the issues behind the nonsense that most professions create around their activity to provide them with a mystique that they rarely deserve and which often hides what they are really up to.

The glossary is not complete. It will grow over time. If you think there are entries that need adding please let me know by emailing Please also feel free to suggest edits. The best way to do this is to copy an entry into Word and then send me a track-changed document indicating the changes that you suggest.

Because of the way in which it is coded this glossary automatically cross refers entries within itself and to the blog that it supports and within the glossary itself but if you think a link is missing please let me know.

Finally, if you like this glossary then you might like to buy me a coffee. It has required the support of a fair few to write it. You can do so here.

Glossary Entries

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Jackson Hole

Jackson Hole central banker's meeting is an annual economic policy symposium held in Jackson Hole, Wyoming, in the United States.

The event is organized by the Federal Reserve Bank of Kansas City and brings together central bankers, finance ministers, academics, and financial market participants from around the world. The meeting serves as a forum for participants to discuss and exchange views on economic and monetary policy issues.

The Jackson Hole symposium is known for its high-profile speakers and influential attendees. It typically features keynote speeches by prominent central bankers, including the Chair of the Federal Reserve, and attracts significant media attention and market scrutiny. The event has gained importance in recent years as a platform for central banks to communicate their policy intentions.

It can reasonably be argue that this event and those organised by the Bank of International Settlements are the places where central bankers form their worldview.

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The term jurisdiction usually refers to a nation state but can also refer to a self-governing region that is not fully independent e.g. the UK's Crown Dependencies and Overseas Territories and some French and Dutch protectorates.

A jurisdiction has a national government i.e. it is the highest tax setting authority within its domain.

Compare with sub-national governments.

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