Do Currency Markets Absorb News Quickly?

This paper addresses whether macro news arrivals affect currency markets over time. The null from macro exchange-rate theory is that they do not: macro news is impounded in ex-change rates instantaneously. We test this by examining the effects of news on subsequent trades by end-user participants (such as hedge funds, mutual funds, and non-financial corporations). News arrivals induce subsequent changes in trading in all of the major end-user segments. These induced changes remain significant for days. Induced trades also have persistent effects on prices. Currency markets are not responding to news instantaneously.

Double-throw microwave device switches two lines quickly

By combining a single-throw microwave switch with a microwave circulator in a circuit, two input lines can be switched quickly. There is only a brief transition time when both /or neither/ of the two lines are connected to an output line

Polaroid film helps locate objects in inaccessible areas quickly

Polaroid film is used with conventional portable X ray equipment to locate and shoot items or objects in difficult areas. Polaroid film development time is about 20 seconds

Ionization vacuum gage starts quickly, is unaffected by spurious currents

Ionization vacuum gage with a switch-operated starting device and a microammeter begins functioning quickly in a high vacuum. The microammeter is also protected by its circuit design from spurious currents

Testing noninterference, quickly

Information-flow control mechanisms are difficult to design and labor intensive to prove correct. To reduce the time wasted on proof attempts doomed to fail due to broken definitions, we advocate modern random testing techniques for finding counterexamples during the design process. We show how to use QuickCheck, a property-based random-testing tool, to guide the design of a simple information-flow abstract machine. We find that both sophisticated strategies for generating well-distributed random programs and readily falsifiable formulations of noninterference properties are critically important. We propose several approaches and evaluate their effectiveness on a collection of injected bugs of varying subtlety. We also present an effective technique for shrinking large counterexamples to minimal, easily comprehensible ones. Taken together, our best methods enable us to quickly and automatically generate simple counterexamples for all these bugs