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.

This report discusses the World Trade Organization (WTO) Doha Round of multilateral trade negotiations, begun in November 2001, which has entered its 11th year. The report includes background on Doha and the significance fo the negotiations as well as a breakdown of issues on the Doha agenda and the role of the Congress.

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

This report provides a brief history of the European Union (EU) and the major challenges confronting the bloc. It also discusses the potential implications for the EU and for U.S.-EU relations.

Letter from Lars Holmblad to Harris L. Kempner enclosing details of a boat that might be of interest to Kempner.

Postcard from "Freddie Stalhammar" of Stockholm, Sweden to "Joe C. Willis" of Brady, Texas. The image on the front of the postcard depicts a harbor, with many sailboats docked side by side along the water's edge.

Telegram sent by H. Kempner to their business partners wishing them seasons greetings.

Letter from Harris L. Kempner to Thurman Chatham introducing him to representatives of the Ferenade Yllefabrikerna and discussing details about their firm and interests.

Letter from Harris L. Kempner to E. Perkins McGuire introducing him to representatives of Ferenade Yllefabrikerna and discussing their interests in textiles and the importance of their firm.