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.

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.

This booklet is the second chapter of Current Study 11, a staff development course about the Cold War's impact on world affairs. This chapter discusses the development of the Southeast Asia Treaty Organization (SEATO) and includes background information, observations, review questions, a list of readings for further study, and three appendices.

This report focuses on U.N. reform efforts and priorities from the perspective of several key actors, including the U.S. government, the U.N. Secretary-General, selected member states, and a cross-section of groups tasked with addressing U.N. reform. It also examines congressional actions related to U.N. reform, as well as future policy considerations.

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.

Script from the WBAP-TV/NBC station in Fort Worth, Texas, relating a news story of White House announcing that Arab Oil countries will partially ease the oil embargo in order to provide Japan, Britain, France and other European countries with oil.