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.

Video footage from the KXAS-TV/NBC station in Fort Worth, Texas.

Photograph used for a story in the Daily Oklahoman newspaper. Caption: "A strike by contractor's workers caused a sympathy walkout by Phillips Petroleum Co. employees at Ekofish Center in the North Sea, interrupting production for 12 hours Saturday, the Bartlesville based oil giant said Monday."

Photograph used for a story in the Daily Oklahoman newspaper. Caption: "A tank barrier designed to protect Phillips Petroleum Co's Ekofish complex from the ravages of the North Sea is shown under construction at Alfjorden on Norway's western coast."

Photograph used for a story in the Daily Oklahoman newspaper. Caption: "Curtis H. Whitson, an Oklahoma City-based reservoir engineering consultant, will defend his thesis in Norwegian next month at the University of Trondheim, the Norwegian institute of Technology."

Jacket of Golden Spotted Seal fur with rounded collar and lapels; double breasted button accents with buttons of pearl grey circle set in gold metallic soft square; 4 fur covered belt loops, 2 on front and 2 on back, front belt loops are accented with self-buttons (right side button missing); two slit pockets at sides are lined in grey silk satin; long sleeves, pockets and jacket opening are trimmed in leather piping; 2 concealed metal hook and leather eye closures, one at bust and one at waist; fully lined in grey silk satin; hits at below hips. Label inside coat: Expressly made for William Schmidt/ OSLO/ 1853. With belt of black leather with oval, silver metal buckle; 2” width.