Girolamo Savonarola lived at the apex of the Renaissance, but most of his biographers regard him as an anachronism or a precursor of the Reformation. Savonarola, however, was influenced by the entire milieu of Renaissance Florence, including its humanism. Savonarola's major work, Triumph of the Cross, is a synthesis of humanism, neo-Thomism and mysticism. His political reforms were routed in both the millennialist dreams of Florence and the goals of civic humanism. Hoping to translate the abstract humanist life of virtue into the concrete, he ultimately failed, not because the Renaissance was rejecting the Middle Ages, but because the former was reacting against itself. Florence, for all its claims of being the center of the Renaissance, was not willing to make humanist reform a reality.

Video footage from the KXAS-TV/NBC station in Fort Worth, Texas, to accompany a news story. This story aired at 10 P.M.

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.