quarterly data LTB = net rate of return on long-term (10-year) government bonds SP = net rate of return on S&P 500 TBILL = net rate of return on 3-month Treasury Bill CPIG = net growth on consumer price index CPI(t)/CPI(t-1) - 1 (Note: net rate of return = [P(t) + D(t)] / P(t-1) - 1) date LTB SP TBILL CPIG 260331 0.0244 0.0202 0.0091 -0.0093 260630 0.0129 0.0145 0.0070 -0.0038 260930 0.0042 0.0159 0.0071 -0.0094 261231 0.0344 0.0211 0.0091 0.0076 270331 0.0421 0.0210 0.0080 -0.0208 270630 0.0033 0.0087 0.0082 0.0174 270930 0.0144 0.0237 0.0079 -0.0190 271231 0.0270 0.0192 0.0069 0.0019 280331 0.0071 0.0137 0.0088 -0.0116 280630 -0.0040 -0.0088 0.0086 -0.0000 280929 -0.0183 0.0103 0.0092 0.0098 281231 0.0165 0.0131 0.0086 -0.0077 290328 -0.0386 -0.0015 0.0105 -0.0078 290629 0.0220 0.0018 0.0132 0.0059 290930 -0.0007 0.0074 0.0109 0.0117 291231 0.0533 0.0248 0.0120 -0.0077 300331 0.0156 0.0271 0.0079 -0.0136 300630 0.0175 0.0253 0.0074 -0.0059 300930 0.0122 0.0303 0.0051 -0.0140 301231 0.0007 -0.0058 0.0036 -0.0282 310331 0.0067 0.0369 0.0032 -0.0352 310630 0.0236 0.0255 0.0024 -0.0279 310930 -0.0310 0.0050 0.0012 -0.0088 311231 -0.0517 -0.0826 0.0040 -0.0267 320331 0.0429 0.0057 0.0063 -0.0389 320630 0.0472 -0.0081 0.0020 -0.0286 320930 0.0544 0.0796 0.0009 -0.0172 321231 0.0146 0.0290 0.0005 -0.0224 330331 -0.0018 0.0042 0.0003 -0.0383 330630 0.0321 0.0697 0.0016 0.0106 330930 0.0050 0.0241 0.0006 0.0394 331230 -0.0349 0.0043 0.0005 -0.0051 340331 0.0544 0.0601 0.0009 0.0127 340630 0.0327 0.0366 0.0002 0.0025 340929 -0.0223 0.0033 0.0002 0.0175 341231 0.0335 0.0336 0.0003 -0.0123 350330 0.0318 0.0400 0.0004 0.0199 350629 0.0114 0.0268 0.0004 0.0024 350930 -0.0080 0.0069 0.0004 0.0001 351231 0.0141 0.0196 0.0005 0.0073 360331 0.0245 0.0220 0.0004 -0.0097 360630 0.0097 0.0149 0.0006 0.0098 360930 0.0140 0.0146 0.0004 0.0145 361231 0.0250 0.0144 0.0003 -0.0024 370331 -0.0341 -0.0136 0.0004 0.0167 370630 0.0074 0.0162 0.0013 0.0117 370930 0.0077 0.0048 0.0009 0.0162 371231 0.0222 0.0202 0.0004 -0.0137 380331 0.0072 -0.0039 0.0000 -0.0233 380630 0.0259 0.0245 0.0002 0.0000 380930 0.0066 0.0156 0.0002 0.0000 381231 0.0145 0.0241 -0.0005 -0.0047 390331 0.0266 0.0108 -0.0001 -0.0119 390630 0.0263 0.0149 0.0001 -0.0024 390930 -0.0630 -0.0254 0.0001 0.0193 391230 0.0731 0.0399 0.0001 -0.0095 400330 0.0187 0.0119 0.0000 0.0024 400629 -0.0084 0.0007 -0.0001 0.0048 400930 0.0191 0.0120 0.0001 -0.0024 401231 0.0305 0.0089 0.0000 0.0048 410331 -0.0087 -0.0010 -0.0000 0.0047 410630 0.0224 0.0191 0.0000 0.0354 410930 0.0028 0.0146 0.0004 0.0319 411231 -0.0069 -0.0054 0.0002 0.0221 420331 0.0173 0.0061 0.0004 0.0346 420630 0.0049 0.0060 0.0006 0.0188 420930 0.0059 0.0075 0.0008 0.0123 421231 0.0038 0.0061 0.0009 0.0243 430331 0.0036 0.0075 0.0009 0.0178 430630 0.0117 0.0146 0.0008 0.0175 430930 0.0031 0.0043 0.0009 -0.0076 431231 0.0022 0.0016 0.0009 0.0038 440331 0.0074 0.0102 0.0008 -0.0038 440630 0.0049 0.0059 0.0008 0.0115 440930 0.0077 0.0087 0.0008 0.0095 441230 0.0078 0.0218 0.0008 0.0038 450331 0.0225 0.0141 0.0007 -0.0019 450630 0.0390 0.0039 0.0008 0.0188 450929 -0.0006 0.0025 0.0009 -0.0018 451231 0.0430 0.0198 0.0009 0.0074 460330 0.0067 0.0197 0.0009 0.0037 460628 -0.0078 -0.0005 0.0009 0.0219 460930 -0.0160 -0.0126 0.0009 0.0948 461231 0.0164 0.0108 0.0009 0.0523 470331 0.0035 0.0077 0.0009 0.0202 470630 0.0007 0.0044 0.0009 0.0046 470930 0.0100 -0.0181 0.0012 0.0439 471231 -0.0399 -0.0173 0.0021 0.0189 480331 0.0101 0.0180 0.0023 -0.0000 480630 0.0101 -0.0037 0.0025 0.0285 480930 -0.0006 0.0027 0.0020 0.0166 481231 0.0140 0.0242 0.0012 -0.0177 490331 0.0206 0.0083 0.0028 -0.0097 490630 0.0199 0.0146 0.0029 0.0014 490930 0.0133 0.0159 0.0026 -0.0000 491231 0.0092 -0.0058 0.0026 -0.0098 500331 -0.0032 0.0066 0.0027 -0.0028 500630 0.0038 0.0007 0.0029 0.0113 500929 -0.0003 0.0068 0.0030 0.0252 501230 0.0003 0.0069 0.0033 0.0232 510331 -0.0174 -0.0261 0.0034 0.0320 510629 -0.0192 -0.0118 0.0037 0.0039 510928 0.0157 0.0263 0.0039 0.0077 511231 -0.0186 -0.0148 0.0039 0.0141 520331 0.0153 0.0190 0.0038 -0.0063 520630 0.0140 0.0043 0.0040 0.0076 520930 -0.0218 0.0061 0.0046 0.0076 521231 0.0045 0.0056 0.0041 0.0000 530331 -0.0163 -0.0152 0.0049 -0.0050 530630 -0.0034 -0.0171 0.0052 0.0075 530930 0.0332 0.0346 0.0048 0.0062 531231 0.0231 0.0327 0.0033 -0.0025 540331 0.0391 0.0366 0.0026 -0.0000 540630 0.0179 -0.0013 0.0020 0.0025 540930 0.0088 0.0098 0.0019 -0.0037 541231 0.0045 0.0082 0.0022 -0.0037 550331 -0.0233 -0.0069 0.0027 0.0000 550630 -0.0003 0.0011 0.0035 0.0000 550930 -0.0026 -0.0003 0.0042 0.0050 551230 0.0135 0.0111 0.0053 -0.0012 560329 -0.0069 -0.0018 0.0056 -0.0000 560629 0.0137 -0.0081 0.0061 0.0124 560928 -0.0344 -0.0287 0.0057 0.0074 561231 -0.0288 -0.0310 0.0069 0.0085 570329 0.0347 0.0343 0.0074 0.0073 570628 -0.0420 -0.0458 0.0075 0.0120 570930 0.0036 -0.0026 0.0081 0.0071 571231 0.0801 0.1043 0.0081 0.0035 580331 0.0117 0.0045 0.0049 0.0141 580630 0.0025 0.0156 0.0022 0.0035 580930 -0.0810 -0.0560 0.0030 -0.0000 581231 0.0075 0.0154 0.0052 -0.0000 590331 0.0053 0.0014 0.0061 -0.0000 590630 -0.0112 -0.0241 0.0067 0.0069 590930 -0.0038 -0.0057 0.0075 0.0046 591231 -0.0129 0.0203 0.0089 0.0034 600331 0.0609 0.0432 0.0097 0.0000 600630 0.0152 0.0097 0.0071 0.0080 600930 0.0375 0.0312 0.0046 0.0011 601230 0.0182 0.0041 0.0050 0.0056 610330 0.0053 0.0330 0.0054 0.0000 610630 -0.0007 -0.0147 0.0055 0.0011 610929 0.0126 0.0166 0.0049 0.0056 611229 -0.0074 0.0129 0.0053 0.0000 620330 0.0344 0.0285 0.0065 0.0044 620629 0.0052 0.0116 0.0066 0.0022 620928 0.0136 0.0229 0.0071 0.0077 621231 0.0140 0.0154 0.0069 -0.0022 630329 0.0015 0.0108 0.0071 0.0033 630628 0.0030 0.0040 0.0072 0.0044 630930 0.0057 0.0040 0.0079 0.0044 631231 0.0019 0.0030 0.0086 0.0043 640331 0.0012 0.0079 0.0087 0.0011 640630 0.0168 0.0146 0.0086 0.0032 640930 0.0077 0.0110 0.0086 0.0032 641231 0.0090 0.0134 0.0090 0.0043 650331 0.0108 0.0103 0.0094 0.0011 650630 0.0102 0.0016 0.0097 0.0107 650930 -0.0025 -0.0002 0.0096 0.0011 651231 -0.0113 -0.0161 0.0100 0.0063 660331 -0.0065 -0.0150 0.0111 0.0094 660630 -0.0137 0.0017 0.0113 0.0083 660930 0.0082 -0.0279 0.0117 0.0103 661230 0.0492 0.0446 0.0126 0.0051 670331 0.0127 0.0360 0.0118 0.0030 670630 -0.0631 -0.0539 0.0093 0.0081 670929 -0.0021 0.0128 0.0095 0.0100 671229 -0.0408 -0.0425 0.0109 0.0089 680329 0.0076 0.0194 0.0118 0.0118 680628 0.0507 0.0203 0.0131 0.0117 680930 0.0181 0.0498 0.0133 0.0106 681231 -0.0746 -0.0606 0.0129 0.0124 690328 -0.0155 -0.0222 0.0146 0.0150 690630 0.0128 0.0136 0.0154 0.0157 690930 -0.0522 -0.0259 0.0167 0.0137 691231 0.0044 -0.0479 0.0177 0.0153 700331 0.0493 0.0500 0.0180 0.0142 700630 -0.0418 -0.0408 0.0162 0.0157 700930 0.0534 0.0811 0.0160 0.0103 701231 0.0584 0.0872 0.0134 0.0136 710331 0.0878 0.0408 0.0102 0.0059 710630 -0.0443 -0.0290 0.0095 0.0142 710930 0.0716 0.0420 0.0124 0.0058 711231 0.0164 0.0543 0.0111 0.0074 720330 -0.0058 0.0098 0.0081 0.0073 720630 0.0232 0.0129 0.0089 0.0081 720929 0.0160 0.0134 0.0094 0.0096 721229 0.0226 0.0348 0.0115 0.0087 730330 -0.0228 0.0014 0.0131 0.0196 730629 -0.0081 -0.0035 0.0155 0.0200 730928 0.0257 0.0214 0.0203 0.0234 731231 -0.0054 -0.0089 0.0186 0.0221 740329 -0.0395 -0.0349 0.0178 0.0332 740628 -0.0089 -0.0518 0.0213 0.0266 740930 -0.0021 -0.0308 0.0212 0.0327 741231 0.0984 0.0930 0.0175 0.0244 750331 0.0082 0.0476 0.0144 0.0154 750630 0.0319 0.0359 0.0129 0.0177 750930 -0.0251 -0.0328 0.0150 0.0187 751231 0.0766 0.0922 0.0146 0.0165 760331 0.0320 0.0421 0.0121 0.0072 760630 0.0065 0.0030 0.0123 0.0155 760930 0.0440 0.0558 0.0133 0.0147 761231 0.0766 0.0753 0.0121 0.0098 770331 -0.0348 -0.0231 0.0109 0.0224 770630 0.0364 0.0386 0.0115 0.0202 770930 0.0098 0.0109 0.0130 0.0121 771230 -0.0168 -0.0082 0.0149 0.0114 780331 -0.0097 -0.0008 0.0149 0.0194 780630 -0.0125 -0.0108 0.0159 0.0295 780929 0.0254 0.0311 0.0174 0.0195 781229 -0.0145 -0.0206 0.0218 0.0191 790330 0.0184 0.0161 0.0234 0.0306 790629 0.0462 0.0449 0.0244 0.0335 790928 -0.0240 -0.0202 0.0238 0.0338 791231 -0.0501 -0.0788 0.0284 0.0291 800331 -0.1451 -0.1321 0.0292 0.0431 800630 0.2436 0.2423 0.0270 0.0325 800930 -0.1126 -0.1073 0.0193 0.0166 801231 0.0180 0.0102 0.0325 0.0266 810331 -0.0182 -0.0097 0.0335 0.0259 810630 -0.0108 -0.0198 0.0362 0.0234 810930 -0.0860 -0.0890 0.0381 0.0295 811231 0.1475 0.1166 0.0318 0.0079 820331 0.0465 0.0490 0.0272 0.0057 820630 0.0177 0.0096 0.0318 0.0265 820930 0.2021 0.2134 0.0234 0.0093 821231 0.0964 0.1094 0.0191 -0.0031 830331 0.0071 0.0404 0.0195 0.0034 830630 -0.0011 0.0159 0.0209 0.0160 830930 0.0014 -0.0030 0.0228 0.0124 831230 -0.0010 0.0083 0.0221 0.0056 840330 -0.0096 -0.0144 0.0222 0.0125 840629 -0.0476 -0.0364 0.0237 0.0111 840928 0.1354 0.1254 0.0253 0.0122 841231 0.0782 0.0934 0.0239 0.0032 850329 0.0156 0.0119 0.0185 0.0105 850628 0.1318 0.1233 0.0195 0.0110 850930 0.0053 0.0208 0.0179 0.0068 851231 0.1334 0.1214 0.0192 0.0089 860331 0.1973 0.1077 0.0169 -0.0043 860630 -0.0003 0.0067 0.0155 0.0058 860930 -0.0134 0.0189 0.0144 0.0070 861231 0.0545 0.0560 0.0135 0.0027 870331 0.0135 0.0186 0.0132 0.0145 870630 -0.0481 -0.0405 0.0131 0.0125 870930 -0.0696 -0.0607 0.0139 0.0126 871231 0.0838 0.0864 0.0134 0.0038 880331 0.0393 0.0462 0.0120 0.0095 880630 0.0099 0.0165 0.0146 0.0129 880930 0.0228 0.0267 0.0173 0.0153 881230 0.0216 0.0139 0.0182 0.0058 890331 0.0143 0.0135 0.0185 0.0149 890630 0.1148 0.1019 0.0219 0.0147 890929 -0.0008 0.0052 0.0210 0.0073 891229 0.0454 0.0354 0.0198 0.0088 900330 -0.0409 -0.0214 0.0179 0.0206 900629 0.0440 0.0407 0.0200 0.0093 900928 -0.0203 -0.0104 0.0195 0.0216 901231 0.0824 0.0595 0.0186 0.0083 910328 0.0200 0.0384 0.0144 0.0090 910628 0.0077 0.0160 0.0143 0.0074 910930 0.0822 0.0730 0.0141 0.0088 911231 0.0726 0.0592 0.0120 0.0051 920331 -0.0366 -0.0151 0.0096 0.0102 920630 0.0464 0.0431 0.0092 0.0065 920930 0.0661 0.0515 0.0083 0.0078 921231 0.0053 0.0139 0.0075 0.0042 930331 0.0667 0.0539 0.0071 0.0120 930630 0.0573 0.0367 0.0071 0.0056 930930 0.0639 0.0435 0.0075 0.0048 931231 -0.0146 -0.0072 0.0070 0.0048 940331 -0.0591 -0.0469 0.0073 0.0096 940630 -0.0330 -0.0238 0.0090 0.0054 940930 -0.0065 0.0005 0.0101 0.0095 941230 0.0203 0.0124 0.0120 0.0020 950331 0.0664 0.0653 0.0128 0.0114 950630 0.1125 0.0902 0.0146 0.0073 950929 0.0240 0.0200 0.0136 0.0046 951229 0.0838 0.0669 0.0139 0.0039