The purpose of this study is to investigate the impacts of a natural disaster on a developing country's economy. In that sense, we look at the impact of August 1999 earthquake in Turkey on two important macroeconomic indicators of the Turkish economy (Real Output and Employment) with recovery...

The purpose of this study is to investigate the impacts of a natural disaster on a developing country s economy. In that sense, we look at the impact of August 1999 earthquake in Turkey on two important macroeconomic indicators of the Turkish economy (Real Output and Employment) with recovery...

This paper examines the daily volatility of changes in yield on the 10-year Treasury note utilizing the iterated cumulative sums of squares algorithm (Inclan and Tiao, 1994). The ICSS algorithm can detect regime shifts in the volatility of the interest rate changes. A general model allows for...

This research uses an event study methodology to examine the effect of Hurricane Floyd on the market value of insurance firms in 1999. The research is unique in that information describing the development of the storm over time and space is incorporated in order to determine how the financial...

This paper examines the Phillips curve relationship when the second moment of inflation is nonlinear. Specifically, we estimate GARCH models that provide evidence consistent with Keynesian-type models that imply output quot;overshootingquot; and inflation fluctuations following aggregate demand...

Reliance on stock market sector indexes for investment makes it essential to understand how various sectors behave relative to the market. Of particular importance is whether these relationships have changed over time. This paper examines the risk/return characteristics of five S&P sector...

This study uses the Markov chain model to examine the behavior of 189 initial public offerings on the Istanbul Stock Exchange (ISE) over the 1990-1999 periods. The non-linear estimation results suggest that Turkish IPOs do not follow a random walk but may instead follow a first-order Markov...

This paper examines the Phillips curve relationship when the second moment of inflation is nonlinear. Specifically, we estimate GARCH models that provide evidence consistent with Keynesian-type models that imply output "overshooting" and inflation fluctuations following aggregate demand shocks....