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High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to what standard macroeconomic models would predict. This evidence has been viewed as supportive of a "Fed information effect" channel of monetary policy, whereby an FOMC tightening (easing) communicates that the economy is stronger (weaker) than the public had expected. We show that these empirical results are also consistent with a "Fed response to news" channel, in which incoming, publicly available economic news causes both the Fed to change monetary policy and the private sector to revise its forecasts. We provide substantial new evidence that distinguishes between these two channels and strongly favors the latter; for example, (i) high-frequency stock market responses to Fed announcements, (ii) a new survey that we conduct of individual Blue Chip forecasters, and (iii) regressions that include the previously omitted public macroeconomic data releases all indicate that the Fed and Blue Chip forecasters are simply responding to the same public news, and that there is little if any role for a "Fed information effect".

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal and regulatory framework and financial infrastructure, including the secured transactions framework, creditor rights and insolvency regime, credit information sharing system, platform for technology-based banking products, regulation and supervision of nonbank financial institutions, and consumer protection in financial services. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Due to its focus on the development agenda, and specifically on access to finance for the SME sector, capital markets development, and housing finance market development, this report does not address financial sector stability issues. Financial intermediation in Mongolia has grown significantly in recent years; credit and deposit penetration are on par with the average in the East Asia and the Pacific (EAP) region. Access to finance is particularly constrained for SMEs, which are also more sensitive to an unstable macroeconomic environment, characterized by high inflation and exchange rate fluctuations.

The global financial crisis and ensuing credit crunch has revived the discussion on the role of public sector in the financial system around the world and in El Salvador, authorities have announced plans to step up their activities. A clearly defined strategy for the public banks, focused on complementing private sector activity, is necessary as their activities expand to improve access to finance and diversify the sources of funding. Any process of growth needs to accompany by improvement in risk management processes, governance arrangements and enhanced supervision. Going forward, the two public retail banks should increase their specialization in different market segments. The development bank role can be enhanced while maintaining its second tier status. To make the guarantee funds effective, in addition to scale their size, several operational features need to be improved.

Many countries are convinced that Foreign Direct Investment (FDI) should be an important component of their growth strategy. To encourage FDI, they have improved their business climates, developed various guarantees for investors, and offered incentives. In the real world, Investment Promotion Intermediaries (IPIs) face tight budget and human resource constraints. Allocating scarce resources among the various possible activities is a major component of developing an effective promotion strategy. Research, including that covered in this report, suggests that many IPIs are failing to devote enough attention to the most basic-and least costly-promotion function, one that, if it fails, undermines all other promotion activities. Provision of services to potential investors-and particularly the provision of information-is basic to all promotion. Image-building efforts can be hugely expensive. Similarly, targeted missions and personal selling are costly in terms of both time and effort. FDI offers the prospects of growth and jobs to host countries, but attracting it requires a good deal of effort. Effective investment promotion is not only less costly than adding on more incentives for investors; reform and incentives are unlikely to accomplish their goals without promotion. Promotion efforts will, however, fail to attract desired investment if IPIs are not skilled at the most basic function: collecting and providing to potential investors relevant and timely information. Ensuring that this function works well should be the top priority in the promotion strategy and in the development of management systems.

After the U.S market earned strong returns in 2003, day trading made a comeback and once again became a "popular" trading method among traders. Although there is no comprehensive empirical evidence available to answer the question do individual day traders make money, there is a number of studies that point out that only few are able to consistently earn profits sufficient to cover transaction costs and thus make money. The day trading concept of buying and selling stocks on margin alone suggests that it is more risky than the usual "going long" way of making profit. This paper offers a new approach to day trading, an approach that eliminates some of the risks of day trading through specialization. The concept is that the trader should specialize himself in just one (blue chip) stock and use existing day trading techniques (trend following, playing news, range trading, scalping, technical analysis, covering spreads… ) to make money.

Since Nichia Corporation developed YAG-based phosphor successfully, which had provided the best performance of conversion efficiency, the phosphor-converted white LED is already regarded as the major manufacturing process for white light generation. In general, the principle of white light generation is that a blue chip emits yellowish green lights by pass ing through phosphor layer and then yellowish green lights mix part of blue lights to yield white lights. However, the consistency of the blue chip and the homogeneity of the phosphor layer are key factors to affect the quality of white LED. Due to the lim itations of current LED package, bracket or phosphor, the lightspot of a white LED projection has the common features that yellow lights surround the periphery of white lights. This phenomenon is so-called “yellow ring”. The study aims to identify the scope of yellow ring by the RGB proportion of lightspot. In addition, we create an analysis model of yellow ring to evaluate the degree of yellow ring in white light LED. From the experiment result, the yellow ring will appear when blue light decreases over 15%, and disappear in case the intensity of white light drop down to 10∼15%.