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Purchasing Power Parity and the Efficient Markets: the Recent Empirical Evidence

Description: 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.
Date: December 1988
Creator: Yuyuenyongwatana, Robert P. (Robert Privat)
Partner: UNT Libraries
open access

National Monarchy and Norway, 1898-1905: a Study of the Establishment of the Modern Norwegian Monarchy

Description: The study then focuses on the Bernadotte candidacy as the practical expression of a Norwegian desire for a national monarchy. Reaction to the candidacy is analyzed and, although it proved unsuccessful, the strength of the idea is again evident when the government shifted its focus to the secondary candidacy of Denmark's Prince Carl. During the debate over the candidates for the throne, the underlying theme which developed was the question of Norway's form of government-- monarchy or republic.
Date: May 1978
Creator: Leiren, Terje Ivan
Partner: UNT Libraries
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