The purpose of the study is to empirically determine the relevance of PPP theory under the traditional arbitrage and the efficient markets (EPPP) frameworks during the recent floating period of the 1980s. Monthly data was collected for fifteen industrial nations from January 1980 to December 1986. The models tested included the short-run PPP, the long-run PPP, the EPPP, the EPPP with deviations from expectations, the forward rates as unbiased estimators of future spot rates, the EPPP and the forward rates, and the EPPP with forward rates and lagged values. A generalized regression method called Seemingly Unrelated Regression (SUR) was employed to test the models. The results support the efficient markets approach to PPP but fail to support the traditional PPP in both the short term and the long term. Moreover, the forward rates are poor and biased predictors of the future spot rates. The random walk hypothesis is generally supported.

Photocopy of a script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story.

Photocopy of a script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story.

Letter from Daniel W. Kempner to Mark F. Heller discussing dispersing Christmas donations to Mr. Heller's employees and to himself. Mr. Kempner also request to know the salaries of the employees and suggests changes may need to be made.

Letter from I. H. Kempner to National Refugee Service, Inc. discussing an enclosed letter to Mrs. Goldberger and an application for the Goldberger family and Kempner expressing his hope that the company will be able to help the Goldberger family enter the United States.

Letter from Daniel W. Kempner to Mark F. Heller enclosing a letter for Dr. Lifshuetz and discussing the exchange rate for Reichsmarks and Deutschmarks and requesting the conversion of German marks into dollars.

Photocopy of a script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Syria who will boycott the Middle East peace conference which will open in Geneva.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Secretary of State who is making another whirlwind tour of the area to bring both sides together for bargaining.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of a discussion on role to be played by the UN at peace conference also members of teamsters set up pickets at supermarket warehouse.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story saying that Kissinger plans to start his Middle East tour.

Letter from Isaac H. Kempner to Augusta Goldberger informing that they have a cooperating committee in Switzerland.

Letter from Harris L. Kempner to Gebrüder Veil paying for the watch they repaired and instructing them on how to ship it.

Letter from Gebrüder Veil to Ruth A. Kempner discussing the watch she gave them to repair.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of United Nations spokesman saying that army personnel from Israel and Egypt will meet again to discuss a possible pullback of troops along Suez Canal. Also, about the president of the Mormon Church who died in Salt Lake City.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Egyptian and Israeli military negotiations and their talks will be to be continued later.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of a billionaire Howard Hughes who has been indicted on charges of conspiracy, stock manipulation and wire fraud. Also, about the Israeli and Egyptian officers to meet again in Geneva to discuss how to separate their armies along the Suez Canal. City of Cincinnati which is 185 years old.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Israeli defense minister who warns that Israel will not accept a plan that would put Israeli troops from the advantageous positions west of the Suez Canal.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of United Nation sources in Geneva says that Egyptian and Israeli officers will hold their first meet as a new attempt to agree on the disengagement of troops on the Suez Front.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of President Nixon who plans to meet with Henry Kissinger at the White House.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Kissinger who will confer with President for a report on the opening phase of the Middle East Peace Conference.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of Kissinger who reported to President Nixon about his 15-day trip that took him through Western Europe and the Middle East.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of the Middle East Peace Conference in Geneva. Also, about the Arab terrorist group which claims that it staged the bloody hijacking massacre in Rome.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of the first Arab-Israeli peace which opens in Geneva.