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.

Emerald green cotton corduroy dress with white lace collar 2 1/2" wide. Ballerina-length full skirt. gigot sleeves with one green plastic button at each wrist. Invisible zipper center back. 2 bound pockets on each side at waist. Long sleeved. Extra button on care and content label. This dress coordinates with 2013.007.012 dress coat. Designer's label at back neckline just off of center; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer's label.

Raspberry pink cotton floral, tent-style pinefore jumper with pink and lilac flowers, scoop neckline, sleeveless, 11 raspberry plastic buttons down back, 2 large patch pockets in front with 1" band. This can be worn over 2013.007.014 for layered look along with 2013.007.014 B straw hat, may also be worn as maternity dress. Designer's label at center back neckline to the right side; "Laura / Ashley / Made in Great Britain" Care and content label under designer's label. Attached extra button.

A) Black cotton sateen party dress with iridescent floral pattern. Scooped neckline. Natural waistline and full, 32" ballerina-length skirt. Three-quarter bishop sleeves with 2 iridescent black buttons on band at wrist. A 1" invisible zipper at left side. V-neck back wraps and crosses. Sewn at waist, a 1 1/2" single flat pleat is located 7 1/2" from the bottom hem of the skirt. Designer label at inside back shoulder; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer label. Numbered label under care and content label; "3238" B) Cummerbund fabric sash belt ties at waist in back.

A) Periwinkle blue cotton floral printed day dress with dusty rose and blue flowers. Square neckline. Natural waistline. Ballerina-length 31" skirt. Full 14" short sleeves with 1 1/2" band at cuff. Invisible zipper center back. 2 bound pockets on each side at waist, B). Sash belt 2 1/2" wide of same fabric located in loop on label. Designer's label inside center back neckline; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer's label. Numerical label underneath care and content label; "3026"

Cranberry red and hunter green woven cotton wool day dress plaid design with Alencon ivory lace collar with right angle corners in front which lie flat on dress. Dropped-waistline with box-pleated longuette-length skirt. 24" long, invisible zipper center back. Long 25" gigot sleeves with 2 fabric covered buttons at wrist band. Designer's label inside center back to the right side of the zipper; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer's label.

Emerald green cotton corduroy dress with white lace collar 2 1/2" wide. Ballerina-length full skirt. gigot sleeves with one green plastic button at each wrist. Invisible zipper center back. 2 bound pockets on each side at waist. Long sleeved. Extra button on care and content label. This dress coordinates with 2013.007.012 dress coat. Designer's label at back neckline just off of center; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer's label.

A) Navy cotton sailor dress with white stripes. Double-breasted with 8 navy plastic buttons CF. White dotted cotton faille square 7" sailor collar and lapels are trimmed in white piping. Natural waistline. Ballerina-length skirt. Gigot style sleeves with two looped buttons above each cuff at wrist. Extra navy buttons on care and content label. Designer's label at inside center back neckline; "Laura / Ashley / Made in Great Britain" Care and content label underneath designer's label. Numerical label underneath care and content label; "3055"