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.

a) Shirt jacket of navy cotton in an open-weave mesh knit. Shirt collar. Center front button closure with 5 circular, navy plastic buttons with vertical, tailored buttonholes. Two flap pockets at bust with lapels and single, matching button closure. Long sleeves. Front vest is lined in dark blue cotton. Interior back waistline has a cord to cinch from within. Designer's label at center back neckline: "A-K-R-I-S-" Sizes on reverse of designer's label: "US 8 F 40 D 38" Content/care label at inside left seam. b) Pencil skirt of navy wool knit with 1 ¼” waistband and 2 darts at front left and right. Two darts at back. Center back zip closure. Fully lined in blue satin. 21” length.

Document listing the family tree of Edward Reginald Engdahl and Catherine Caroline Engdahl with biographical information for all the people listed. The second page of the document is an illustration of a tree with branches labelled with names. The document is then organized by family and chronologically, beginning Edward Reginald Engdahl's ancestors, then Catherine Caroline Engdahl's ancestors, then listing their children and grandchildren, and Edward and Catherine's siblings family details.