Should-Read: A price-earnings ratio of 25 corresponds to an expected long-run real equity return of about 4%/year. Why is this seen as dangerously high? Especially given low real rates of return on other assets, why isn’t this just what is appropriate?: Martin Feldstein: New Priorities for a New Fed Regime: “The Fed has kept the … Continue reading Should-Read: Martin Feldstein: New Priorities for a New Fed Regime