Refers to the series used in a model. For example, in the model RS&Pt11 = a + b Tbillt + et, where RS&Pt11 is the return on the S&P in month t11 and Tbill is the Tbill return at month t, both RS&P and Tbill are 'variables' because they change through time, i.e. they are not constant.
VARIABLE
Meaning of VARIABLE in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012