In this paper we question the consensus of using a binary crisis definition for empirical crisis models. We believe that the most severe shortcomings of the crisis models today are in the crisis definition rather than the explanatory variables. We present a crisis model that is specified for a...

This note examines how the DEM/USD rate and US short-term and long-term interest rates respond to the release of payroll announcements. In contrast to a recent paper by Edison (1997), who employs a linear econometric model, we test the influence of news by comparing the absolute values of the...

The integration of fuzzy logic systems and neural networks in data driven nonlinear modeling applications has generally been limited to functions based upon the multiplicative fuzzy implication rule for theoretical and computational reasons. We derive a universal approximation result for the...

This paper derives a universal approximation result for theminimum fuzzy implication rule as well as a differentiable substitute function that allows fast optimization and function approximation with neuro-fuzzy networks.

In this paper we question the consensus of using a binary crisis definition for empirical crisis models. We believe that the most severe shortcomings of the crisis models today are in the crisis definition rather than the explanatory variables. We present a crisis model that is specified for a...

The integration of fuzzy logic systems and neural networks in data driven nonlinear modeling applications has generally been limited to functions based upon the multiplicative fuzzy implication rule for theoretical and computational reasons. We derive a universal approximation result for the...

This note examines how the DEM/USD rate and US short-term and long-term interest rates respond to the release of payroll announcements. In contrast to a recent paper by Edison (1997), who employs a linear econometric model, we test the influence of news by comparing the absolute values of the...