The Fed model : A note ✩
نویسنده
چکیده
The negative relationship between market P/E ratios and government bond yields seems to have become conventional wisdom among practitioners. Both (limited) empirical evidence and a (misleading) suggestion that the model originated in the Fed are used to support the model’s plausibility. The evidence in this note, from 20 international markets, seriously questions the wide acceptance and use of this model. © 2005 Elsevier Inc. All rights reserved. JEL classification: G11; G12
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