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.

Front: Text describes action on various war fronts: New Guinea, Solomons, Pearl Harbor, Tunisia, Libya, Dakar, Toulon, Italy, Russia, France. Large world map is keyed to text and illustrates time zones around the world. Includes inset maps: Dakar; Northeast Tunisia; Tripoli and environs; Russian Front; Guadalcanal Island; Bougainville Island; New Britain Photographs: Convoy to Africa; Advance to Tunisia; Street scene: French Morocco Back: The text entitled "Antiaircraft artillery" describes antiaircraft weapons. The other text "The Dance of the Ninety" describes a 90mm gun. Includes photographs: KEEPS 'EM FALLING -- EYES -- EARS

Letter from John Todd Willis, Jr. to Sallie L. Willis, on December 6, 1944, thanking her for the Christmas box she sent him. He talks about the weather, and says that the food is getting bad because it's all canned, so her box is very welcome. He expresses hope that a relative made it safely to France.

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 Daniel W. Kempner to Willoughbys regarding missing rolls of film.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of work schedule for the Skylab's three astronauts was only relaxing. Harry Connick who challenges Jim Garrison for becoming district attorney for New Orleans.

This report discusses the background of the G-20 (an international forum for discussing and coordinating economic policies) and some of the issues that it has addressed. It includes historic background on the work of the G-20, information about how the group operates, overviews of G-20 summits, major issues that the group is likely to address and the likely effectiveness of the G-20 in the near future.

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