Bond Yields, Economic 'Drift', and the Prices of Common Stocks

Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856 (NBER, 1938), chap. 5, https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/bond-yields-economic-drift-and-prices-common-stocks.