Some Theoretical and Practical Difficulties of Comparing Long Term Interest Rates at Different and Especially at Widely Separated Dates

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. 3, https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/some-theoretical-and-practical-difficulties-comparing-long-term-interest-rates-different-and.