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Joint Bond A joint bond (also called a joint-and-several bond) is a debt security guaranteed by two or more parties. If the primary issuer defaults, bondholders can seek repayment from any or all guarantors. Shared liability reduces investor risk but typically results in a lower yield. Key takeaways A joint bond is guaranteed by at…

Joint and Survivor Annuity A joint and survivor annuity is an insurance contract designed for couples that guarantees a regular lifetime income so long as either spouse is alive. It differs from a single-life annuity, which stops payments when the annuitant dies. How it works You pay a premium (a lump sum or series of…

Joint and Several Liability Joint and several liability is a legal doctrine that allows a plaintiff to recover the full amount of damages from any one of several defendants who are found liable for the same harm. If one defendant cannot pay, the other liable parties can be required to cover the shortfall, even if…

Joint Account Key takeaways A joint account is a bank or brokerage account shared by two or more people who each have equal access and responsibility. Joint accounts are common for checking, savings, credit products, and investment accounts. Titling and signature rules (e.g., “and” vs. “or”) determine how funds are accessed; survivorship designations determine what…

Joint: Definition, How It Works, Types, and Risks Key takeaways * “Joint” describes transactions, ownership, or liabilities involving two or more parties acting together. * Joint arrangements can increase convenience and access but also create shared legal and financial responsibility. * Common forms include joint bank accounts, joint tenancy in real property, joint annuities, and…

John Stuart Mill: Philosopher, Economist, and Reformer John Stuart Mill (1806–1873) was a leading 19th‑century British thinker whose work shaped modern ideas about liberty, utilitarian ethics, and political economy. Trained intensively by his father and influenced by Jeremy Bentham, Romantic poets, and Harriet Taylor, Mill combined rigorous reasoning with a commitment to social reform. His…

John R. Hicks: Life, Work, and Legacy Key points * John R. Hicks (1904–1989) was a leading British neo‑Keynesian economist whose work shaped 20th‑century microeconomics, macroeconomics, and welfare economics. * His major contributions include the elasticity of substitution, the Hicksian compensated demand curve, the IS‑LM macroeconomic model, Value and Capital (1939), and the Hicks compensation…

John Maynard Keynes Key takeaways * John Maynard Keynes was a British economist who founded Keynesian economics and shaped modern macroeconomics. * Central idea: aggregate demand (total spending) drives output and employment; governments should use fiscal policy to counter recessions. * Policy prescription: increase public spending and/or cut taxes during downturns—even if it means running…

John F. Nash Jr.: Education, Accomplishments, Legacy John Forbes Nash Jr. (1928–2015) was an American mathematician whose work reshaped game theory and made important contributions to differential geometry and partial differential equations. He is best known for the concept of the Nash equilibrium, which formalized strategic behavior in non‑cooperative games, and for deep results such…

John Elkann John Elkann is an Italian industrialist and a leading member of the Agnelli family. He serves as chair and CEO of Exor, the Agnelli family’s holding company, and holds senior leadership roles across major automotive and industrial assets, including chairmanships at Stellantis and Ferrari. He played a central role in Fiat’s turnaround and…

John Bogle: Vanguard Founder and Pioneer of Index Investing John “Jack” Bogle transformed modern investing by making low-cost, broadly diversified funds widely available to ordinary investors. He founded the Vanguard Group and launched the first index fund marketed to retail investors, popularizing passive investing and reshaping the mutual fund industry. Key takeaways Founded Vanguard Group…

John B. Taylor John B. Taylor is an American economist and professor at Stanford University, best known for developing the Taylor Rule—a widely cited guideline for how central banks should set interest rates in response to inflation and economic activity. Overview Mary and Robert Raymond Professor of Economics at Stanford University; Senior Fellow at the…

Johannesburg Interbank Average Rate (JIBAR) The Johannesburg Interbank Average Rate (JIBAR) is South Africa’s primary short-term money market benchmark. It exists in one-, three-, six- and 12-month terms, with the three-month JIBAR the most commonly used reference for pricing loans, deposits and short-term derivatives. Lenders often quote borrowing rates as “JIBAR + margin” (for example,…

Jobseeker’s Allowance (JSA) Jobseeker’s Allowance (JSA) is a U.K. benefit that helps people who are unemployed and actively looking for work. It is a conditions-based payment: claimants must meet ongoing requirements to receive and keep the allowance. Key points Available to people living in England, Scotland, or Wales who have the right to live and…

Jobs Growth: Definition, Measurement, and Why It Matters What is jobs growth? Jobs growth refers to the net change in nonfarm payroll employment from one month to the next. The U.S. Bureau of Labor Statistics (BLS) reports this figure in its Employment Situation Summary (the monthly jobs report). Because employment is a central driver of…

Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) Overview The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) was a major U.S. tax‑cut package signed into law in 2001. It lowered individual income tax rates, reduced estate tax burdens, and made broad changes to retirement‑savings rules. The law included a sunset…

Jobless recovery What it is A jobless recovery occurs when economic output (GDP) rebounds after a recession but employment does not recover—the unemployment rate remains high or improves only slowly despite rising corporate profits and overall growth. How it happens During a downturn, firms face falling revenues and must cut costs to survive. Because labor…

Jobless Claims Jobless claims count the number of people filing for unemployment insurance and serve as a timely, weekly indicator of labor-market health. They help economists, investors, and policymakers gauge whether the job market is strengthening or weakening. Key takeaways Initial jobless claims measure new filings for unemployment benefits. Continuing claims measure people still receiving…

Jobber (Stockjobber): Definition, Role, and History What is a jobber? A jobber—often called a stockjobber—was the name given to a specialist market maker on the London Stock Exchange prior to October 1986. Jobbers held securities on their own account, provided continuous two-sided prices, and created liquidity by buying and selling from their inventory. Brokers, who…

Job Openings and Labor Turnover Survey (JOLTS) What JOLTS is The Job Openings and Labor Turnover Survey (JOLTS) is a monthly BLS report that measures job vacancies, hires, and separations in the U.S. labor market. It provides data on: Job openings (vacancies) Hires Separations, broken into quits (voluntary), layoffs and discharges, and other separations (retirements,…

Job Market: Definition, Measurement, and Trends What is the job market? The job market (or labor market) is the conceptual arena where employers seek workers and individuals seek jobs. It reflects the balance between the demand for labor—open positions from businesses—and the supply of labor—people available and willing to work. Industry needs, skill and education…

Job Lot A job lot is a commodities futures contract with a denomination smaller than the exchange’s standard lot size. The term also appears in manufacturing to describe custom or non-standard production runs that fall outside normal batch sizes. What a job lot means in finance Futures exchanges use standardized contract sizes to simplify trading…

JMD (Jamaican Dollar) Overview The JMD is the ISO currency code for the Jamaican dollar, the official currency of Jamaica. One Jamaican dollar is subdivided into 100 cents. Common currency symbols are J$ or JA$. Quick facts Subdivision: 100 cents per J$1 Common symbols: J$, JA$ Typical banknote denominations: J$50, J$100, J$500, J$1,000, J$5,000 Widely…

Jitter What it is Jitter is an anti-skimming technique used in card readers and ATMs that deliberately alters the motion or speed of a card as it is pulled into the machine. By introducing a stop-start or stutter in the card draw, jitter aims to disrupt the steady magnetic-stripe readout that illegal skimming devices require,…

Jim Walton Jim Walton is the youngest son of Walmart founder Sam Walton. A longtime steward of his family’s business interests, he has served on Walmart’s board, leads the family-owned Arvest Bank Group, and is an active philanthropist through the Walton Family Foundation. Key facts Born June 7, 1948, in Newport, Arkansas. Bachelor’s degree in…

Jewelry Floater: What It Is and How It Works A jewelry floater (also called a personal articles floater when covering multiple valuables) is supplemental insurance that extends protection for valuable jewelry beyond the limits of a standard homeowners or renters policy. While basic home insurance usually provides some jewelry coverage, the floater increases limits and…

Jesse L. Livermore Jesse L. Livermore (1877–1940) was a self-taught, early-20th-century stock trader who became a Wall Street legend for his market timing, speculative boldness, and the repeated making and losing of fortunes. His trading life—captured fictionally in Edwin Lefèvre’s Reminiscences of a Stock Operator and in Livermore’s own writings—continues to influence traders today. Key…

Jerome Kerviel Overview Jerome Kerviel is a former Société Générale derivatives trader whose unauthorized trading between 2006 and early 2008 led to reported losses of €4.9 billion for the bank. The case became a high-profile example of rogue trading, weak internal controls, and the legal and institutional fallout that can follow large trading losses. Explore…

Jensen’s Measure (Jensen’s Alpha) Jensen’s measure, commonly called Jensen’s alpha, quantifies the excess return of an investment or portfolio relative to its expected return as predicted by the Capital Asset Pricing Model (CAPM). It adjusts for the level of systematic risk (beta) and the prevailing risk-free rate to determine whether a manager or strategy delivered…

Jekyll and Hyde (market behavior) The phrase “Jekyll and Hyde” borrows from literature to describe a market that alternates between calm, predictable behavior and sudden, volatile swings. “Jekyll” represents benign, orderly conditions that reward rational trading; “Hyde” represents unexpected volatility, panic, and risk that can quickly erase gains. Origin of the metaphor In Robert Louis…

Jean-Baptiste Say: Founder of Say’s Law and Advocate of Free Markets Jean-Baptiste Say (1767–1832) was a French classical liberal economist whose work popularized laissez-faire ideas in France and whose Law of Markets (commonly known as Say’s Law) shaped later neoclassical thought on supply, demand, and market adjustment. Early life and education Born in Lyon on…

Jarrow–Turnbull Model Overview The Jarrow–Turnbull model is an intensity-based (reduced-form) credit-risk model used to price credit-sensitive securities and estimate default probabilities. Developed by Robert Jarrow and Stuart Turnbull in the 1990s, it integrates stochastic interest-rate dynamics with a default hazard rate to value corporate debt and credit derivatives under a risk-neutral framework. How it works…

Japanese Yen (JPY) Key takeaways JPY is the ISO code and ¥ is the symbol for the Japanese yen, Japan’s national currency. The yen is among the world’s most traded currencies and is commonly viewed as a safe-haven asset. Denominations range from 1‑yen coins to ¥10,000 banknotes; banknote designs have been updated to enhance security….

Japanese Government Bond (JGB) What is a JGB? A Japanese Government Bond (JGB) is a debt security issued by the government of Japan. Holders receive fixed coupon payments (usually semiannually) until maturity, at which point the principal is repaid. JGBs serve as a benchmark for risk-free rates in Japan and are a foundational element of…

Japan Inc. Japan Inc. refers to the postwar model of close collaboration among the Japanese government, banks, and corporations that drove rapid export-led industrialization from the 1950s through the 1980s. The term captures a highly centralized development strategy in which public policy and financial institutions actively shaped corporate behavior to create internationally competitive industries. Key…