Stock Price Data An Update of Data shown in Chapter 26 of Market Volatility, R. Shiller, MIT Press, 1989
Showing Figure 1 from R. Shiller "From Efficient Markets Theory to Behavioral Finance," J. Econ. Pers. 2003
P D E R CPI RealR C C-NonDur C-Service Ckuznets RealP P* P*r P*C RealD Return ln(1+ret) RealE P/E E10 P/E10 RealR
1871 4.44 0.26 0.4 6.35 12.464061 1.0475042 Real NIPA NIPA (from  1871 64.583445 86.055145 50.649008 3.7250308 0.1358089 0.1273451 5.7308166 4.8229616
1872 4.86 0.3 0.43 7.81 12.654392 1.0543202 Cons. Chained Chained R. Shiller 1872 69.629422 87.82168 50.898962 4.2033084 0.0886154 0.0849066 6.0247421 12.15 5.554538
1873 5.11 0.33 0.46 8.35 12.939807 1.1335111 Nondur. in 1996 in 1996 Market 1873 71.596354 89.195867 50.969576 4.8370526 0.0215897 0.0213599 6.7425581 11.883721 12.762052
1874 4.66 0.33 0.46 6.86 12.368896 1.1480763 and Dollars Dollars Volatility 1874 68.305045 89.985699 54.008179 5.1968048 0.1227903 0.1158169 7.2440309 10.130435 13.782566
1875 4.54 0.3 0.36 4.96 11.512651 1.1140548 Services 1989 1875 71.495436 90.444465 57.855307 5.0144861 0.1128428 0.1069178 6.0173834 9.8695652 10.745601
1876 4.46 0.3 0.28 5.33 10.846575 1.044139 Table 8.7 Table 8.7 p. 442 1876 74.548694 91.128312 60.833616 4.970873 -0.144279 -0.155811 4.6394815 12.388889 4.4526263
1877 3.55 0.19 0.3 5.03 10.94174 1.2452051 www.bea.doc.gov/bea/dn/nipaweb 1877 58.821997 91.904295 60.406952 3.7324376 0.1488349 0.1387483 5.8933225 12.678571 20.682453
1878 3.25 0.18 0.31 4.9 9.2290893 1.1695687 1878 63.844328 94.053078 72.680084 3.9424093 0.2898961 0.2545617 6.7897049 10.833333 15.208818
1879 3.58 0.2 0.38 4.25 8.2776793 0.8637833 1879 78.410141 96.121212 82.950955 3.6295095 0.228967 0.206174 6.8960681 11.548387 -16.43999
1880 5.11 0.26 0.49 5.1 9.9903306 1.1147011 1880 92.733968 98.661065 71.46785 5.0043422 0.3387347 0.2917249 9.4312603 13.447368 6.5409368 10.814634
1881 6.19 0.32 0.44 4.79 9.4194198 0.9695528 1881 119.14184 99.903794 76.559851 5.698693 -0.067292 -0.069663 7.8357029 12.632653 6.7514255 18.214797 -3.290755
1882 5.92 0.32 0.43 5.26 10.18058 1.072645 1882 105.42582 100.48875 71.340165 5.8072152 0.0551919 0.0537226 7.8034455 13.454545 6.9292958 15.615342 7.1287481
1883 5.81 0.33 0.4 5.35 9.9903306 1.1403956 1883 105.43725 100.99696 72.731876 6.4826548 0.0265887 0.0262414 7.8577634 13.511628 7.0408163 15.216157 12.969781
1884 5.18 0.31 0.31 5.65 9.2290893 1.1779307 1884 101.75804 100.81858 78.015256 6.7897049 -0.020664 -0.02088 6.7897049 12.95 6.9953837 14.452591 15.958818
1885 4.24 0.24 0.27 4.22 8.2776793 1.0794228 1885 92.865642 100.30077 86.548853 5.4442863 0.3288426 0.2843084 6.1248221 13.677419 7.0061276 13.275275 7.6683965
1886 5.2 0.22 0.33 4.26 7.9922321 1.0426 1886 117.95954 101.18358 90.563773 4.9905958 0.1153846 0.1091993 7.4858937 19.259259 7.2907688 16.836624 4.26
1887 5.58 0.25 0.36 6.11 7.9922321 1.0128646 1887 126.57966 102.60923 92.402514 5.4133335 -0.048879 -0.050114 7.7952002 16.909091 7.4809566 17.361634 1.3477196
1888 5.31 0.23 0.26 5.02 8.3728446 1.1002135 1888 114.9792 103.67904 91.344861 5.2174411 0.0791896 0.0762104 5.8979769 14.75 7.3917838 15.369586 9.5657968
1889 5.24 0.22 0.3 4.68 7.9922321 1.0991397 2177.1447 0.73 1889 118.86692 105.02916 97.963089 119.39172 5.240124 0.1221371 0.115235 7.1456237 20.153846 7.4167394 16.080952 9.4418762
1890 5.38 0.22 0.29 5.41 7.6116519 1.0283904 2117.4969 0.71 1890 128.14485 106.44515 105.36543 104.60498 5.1123169 -0.082419 -0.086014 6.7389632 17.933333 7.1475096 17.277788 2.9100157
1891 4.84 0.22 0.34 5.97 7.801942 1.1285119 2206.9686 0.74 1891 112.47097 108.09191 106.82945 113.32061 5.4442864 0.2607601 0.2317148 8.4138971 16.689655 7.2053291 15.735687 12.067575
1892 5.51 0.24 0.37 3.93 7.3262127 0.9641693 2266.6164 0.76 1892 136.35463 109.49441 118.1866 117.31505 5.5098769 -0.015044 -0.015159 8.4943936 16.205882 7.2744239 18.924136 -3.862272
1893 5.61 0.25 0.26 8.52 7.8970911 1.2509954 2266.6164 0.76 1893 128.79337 110.92048 112.8318 111.80517 6.6163213 -0.060927 -0.062862 6.8809742 15.162162 7.176745 17.704959 21.773077
1894 4.32 0.21 0.16 3.32 6.8504835 1.0781208 2177.1447 0.73 1894 114.33003 111.26144 136.82703 92.464521 5.7993444 0.0772937 0.0744521 4.4185481 16.615385 6.9396293 15.930625 7.4865833
1895 4.25 0.19 0.25 3.09 6.5650524 1.0161736 2385.9119 0.8 1895 117.36768 112.4966 146.13882 115.89671 5.172072 0.0344209 0.0338417 6.8053579 26.5625 7.0076829 16.912674 1.640796
1896 4.27 0.18 0.21 5.76 6.6601934 1.0887057 2326.2642 0.78 1896 116.23551 114.48327 148.49163 102.24788 5.0439703 0.060752 0.0589781 5.884632 17.08 6.8475567 16.586868 8.6171257
1897 4.22 0.18 0.31 3.44 6.4699033 1.0048459 2445.5597 0.82 1897 118.25308 116.7391 161.50953 113.75483 4.8998577 0.1647937 0.152544 8.4386438 20.095238 6.9119011 17.269383 0.4988417
1898 4.88 0.2 0.35 3.55 6.6601934 1.020915 2475.3836 0.83 1898 132.84059 119.29912 163.19556 113.0677 5.3676035 0.2687594 0.2380396 9.3933061 15.741935 7.261434 19.21911 2.1213763
1899 6.08 0.21 0.48 3.36 6.7553425 0.8841638 2684.1509 0.9 1899 163.17515 121.53095 167.00123 138.78809 4.8211423 -0.112219 -0.11903 11.019754 17.371429 7.648847 22.471477 -13.54142
1900 6.1 0.3 0.48 4.64 7.8970911 1.072238 2684.1509 0.9 1900 140.04271 124.49456 149.42799 133.96695 7.0574104 0.2380298 0.2135213 11.291857 12.708333 8.1041363 18.308995 7.0497253
1901 7.07 0.32 0.5 4.3 7.7067929 1.0178666 2982.3899 1 1901 166.31964 125.27042 157.95232 176.71069 7.3465026 0.1650098 0.1527295 11.47891 14.729167 8.4106376 20.522808 1.8307731
1902 8.12 0.33 0.63 4.72 7.8970911 0.9551381 2922.7421 0.98 1902 186.4175 125.78965 158.90021 158.97219 6.9100493 -0.012654 -0.012735 13.191912 16.24 8.8803895 22.164491 -4.918592
1903 8.46 0.35 0.53 5.5 8.6582595 1.1035054 3071.8616 1.03 1903 177.14854 126.80909 150.8267 177.65718 7.6657959 -0.130826 -0.140211 11.608205 13.428571 9.3531126 19.948285 9.895574
1904 6.68 0.31 0.49 4.34 8.2776793 1.0199579 3042.0377 1.02 1904 146.30719 127.09036 163.30541 164.86698 6.6371601 0.2789877 0.2460689 10.490995 12.603774 9.9603573 15.64262 2.0416553
1905 8.43 0.33 0.67 4.17 8.4679289 1.0417 3131.5094 1.05 1905 180.48793 128.48765 165.62416 173.20896 7.065364 0.2099644 0.1905909 14.34483 17.204082 10.714305 18.120629 4.17
1906 9.87 0.4 0.76 5.47 8.4679289 1.0093367 3399.9245 1.14 1906 211.31861 129.52137 171.0702 214.60978 8.195731 -0.034284 -0.034886 15.571889 14.731343 11.68303 19.723036 0.9756283
1907 9.56 0.44 0.66 6.23 8.8485091 1.0856421 3429.7484 1.15 1907 195.87797 129.41828 170.45524 212.11136 9.2133991 -0.220692 -0.249349 13.820099 12.578947 12.221176 16.766024 8.3800752
1908 6.85 0.4 0.58 5.32 8.6582595 1.0195898 3191.1572 1.07 1908 143.43587 128.22276 181.05025 161.63926 8.1085242 0.3369501 0.2903909 11.75736 10.378788 12.457581 11.736667 2.0235534
1909 9.06 0.44 0.76 3.65 8.9436744 0.9368331 3429.7484 1.15 1909 183.65807 128.12607 182.76425 192.56452 8.0617147 0.0494952 0.0483093 13.92478 15.62069 12.748084 14.742675 -6.988702
1910 10.08 0.47 0.73 5.26 9.8951653 1.1285676 3429.7484 1.15 1910 184.68656 128.07286 170.16728 184.50281 9.232872 0.0360069 0.0353738 14.340418 13.263158 13.05294 14.487398 11.991328
1911 9.27 0.47 0.59 4 9.2290893 1.0508263 3549.044 1.19 1911 182.10367 126.76683 187.61323 195.19982 9.3289855 0.0452892 0.0442936 11.710854 12.69863 13.076134 13.951161 5.0302674
1912 9.12 0.48 0.7 4.35 9.134005 0.9725851 3578.8679 1.2 1912 181.02202 125.27116 193.9792 190.83331 8.88 -0.000508 -0.000508 12.95 15.457627 13.051943 13.843695 -2.94138
1913 9.3 0.48 0.63 5.65 9.8 1.03537 3638.5157 1.22 1913 172.05 124.15466 186.91171 191.65488 8.7024 -0.067419 -0.0698 11.4219 13.285714 13.033312 13.181945 3.6091837
1914 8.37 0.42 0.52 4.64 10 1.0360396 3519.2201 1.18 1914 151.7481 123.15313 191.1432 164.7125 7.5392079 -0.065498 -0.067741 9.3342574 13.285714 12.917639 11.643095 3.64
1915 7.48 0.43 0.88 3.65 10.1 1.006601 3399.9245 1.14 1915 134.2697 123.32558 197.05236 140.98427 7.4960577 0.267174 0.2367892 15.340769 14.384615 13.017233 10.394292 0.679703
1916 9.33 0.56 1.53 3.64 10.4 0.9212444 3608.6918 1.21 1916 162.64702 123.55556 197.86037 161.08633 8.6776068 -0.034893 -0.035517 23.708462 10.602273 13.83089 12.494746 -8.86
1917 9.57 0.69 1.28 4.25 11.7 0.8712321 3459.5723 1.16 1917 148.2941 122.54051 181.32249 133.25316 8.9355 -0.310121 -0.371239 16.576 6.254902 14.10648 10.721949 -15.40812
1918 7.21 0.57 0.99 5.98 14 0.8992242 3549.044 1.19 1918 93.3695 121.18267 156.60309 134.92595 6.2630909 -0.00912 -0.009162 10.878 5.6328125 14.018544 6.6189084 -11.87714
1919 7.85 0.53 0.93 5.56 16.5 0.902456 3578.8679 1.2 1919 86.254848 122.58492 140.78306 132.09302 4.9787047 0.0193723 0.019187 8.7362176 7.9292929 13.499688 6.1529106 -11.4097
1920 8.83 0.51 0.8 7.3 19.3 1.0899421 3698.1635 1.24 1920 82.947098 125.45077 127.61032 140.76882 4.8664737 -0.123407 -0.131713 7.6336842 9.4946237 12.829014 6.1443716 8.8544041
1921 7.11 0.46 0.29 7.44 19 1.2079053 3966.5786 1.33 1921 67.844368 128.62748 138.35062 168.83213 4.9347929 0.2270408 0.2046054 3.1110651 8.8875 11.969036 5.2883539 18.492632
1922 7.3 0.51 0.69 4.58 16.9 1.052025 3966.5786 1.33 1922 78.313018 131.94321 166.11769 163.89734 5.50375 0.296714 0.2598333 7.44625 25.172414 11.418661 6.5429681 5.171716
1923 8.9 0.53 0.98 4.96 16.8 1.0192647 4175.3459 1.4 1923 96.045833 134.8732 174.94583 185.65804 5.5542775 0.0212899 0.0210664 10.270173 12.898551 11.303488 8.4113047 1.9838095
1924 8.83 0.55 0.93 4.34 17.3 1.0434 4413.9371 1.48 1924 92.536358 137.94473 178.95739 213.78418 5.7638728 0.2604757 0.2314892 9.746185 9.0102041 11.344681 8.1865314 4.34
1925 10.58 0.6 1.25 3.87 17.3 1.0038832 4145.522 1.39 1925 110.87595 140.99755 187.15412 171.34276 6.077095 0.2103843 0.1909379 12.660615 11.376344 11.076665 9.773387 0.4017919
1926 12.65 0.69 1.24 4.28 17.9 1.0666354 4413.9371 1.48 1926 128.12542 143.9199 188.51752 200.74956 7.1484 0.1392931 0.1304079 12.8464 10.12 9.990459 11.567147 6.5146369
1927 13.4 0.77 1.11 4.26 17.5 1.0546532 4473.5849 1.5 1927 138.824 145.8944 200.20293 201.85013 8.069422 0.3814598 0.3231407 11.632543 10.806452 9.4961133 13.895658 5.4028571
1928 17.53 0.85 1.38 4.64 17.3 1.0586386 4533.2327 1.52 1928 183.71035 147.01815 209.78292 201.96284 9.0119883 0.4837822 0.3945944 14.631228 15.792793 9.8714361 19.345846 5.7960694
1929 24.86 0.97 1.61 6.01 17.1 1.0601 4742 2231 2511 1.59 1929 263.57415 147.21142 220.01393 222.15834 10.284269 -0.087691 -0.091777 17.069766 18.014493 10.704791 26.70069 6.01
1930 21.71 0.98 0.97 4.15 17.1 1.1201038 4527 2104 2423 1930 230.17678 146.06044 230.13783 183.00576 11.174465 -0.159834 -0.174156 11.06044 13.484472 11.047467 21.502221 11.167544
1931 15.98 0.82 0.61 2.43 15.9 1.138907 4407 2077 2330 1931 182.2122 143.88311 253.40865 157.66051 10.396224 -0.365431 -0.454809 7.7337762 16.474227 11.509738 16.493573 12.492893
1932 8.3 0.5 0.41 3.36 14.3 1.1457736 4061 1895 2166 1932 105.23007 142.3907 285.81031 112.969 7.0271318 0.0137013 0.0136083 5.7622481 13.606557 11.341337 9.1426992 13.15021
1933 7.09 0.44 0.44 1.46 12.9 0.9915409 3940 1855 2085 1933 99.644729 144.39256 329.7951 96.141813 6.0433333 0.5134633 0.4144006 6.0433333 17.292683 10.918653 8.7859769 -0.865581
1934 10.54 0.45 0.49 1.01 13.2 0.9803912 4151 2002 2149 1934 144.7653 147.57737 333.05894 106.38657 5.9988971 -0.105843 -0.111874 6.5321324 23.954545 10.597248 13.258531 -2.020303
1935 9.26 0.47 0.76 0.75 13.6 0.9928986 4308 2107 2201 1935 123.44397 151.02201 332.8157 112.92132 6.1747101 0.5144458 0.4150496 9.9846377 18.897959 10.329651 11.648682 -0.720588
1936 13.76 0.72 1.02 0.75 13.8 0.9860638 4637 2339 2298 1936 180.77449 154.50888 336.47469 134.64393 9.2578723 0.3023565 0.2641753 13.115319 18.105263 10.356542 17.500543 -1.423913
1937 17.59 0.8 1.13 0.88 14.1 1.0016958 4773 2409 2364 1937 226.17496 154.93951 334.83141 137.58396 10.214085 -0.316389 -0.380366 14.427394 17.245098 10.636028 21.838849 0.1707801
1938 11.31 0.51 0.64 0.88 14.2 1.0232114 4742 2423 2319 1938 144.40162 154.37887 337.24584 124.70648 6.6045 0.1667425 0.1542156 8.288 10.00885 10.001705 13.57665 2.2884507
1939 12.5 0.62 0.9 0.56 14 1.0128345 4899 2528 2371 1939 161.875 157.63118 350.61816 130.9031 8.0867626 0.041036 0.0402163 11.738849 19.53125 9.468613 16.184741 1.2742857
1940 12.3 0.67 1.05 0.56 13.9 0.9913362 5054 2619 2435 1940 160.43094 159.5193 359.67219 135.63857 8.6149645 -0.100744 -0.106187 13.501064 13.666667 9.7126754 16.943446 -0.878849
1941 10.55 0.71 1.16 0.53 14.1 0.902849 5302 2768 2534 1941 135.65355 160.96992 361.0775 147.9868 8.1989172 -0.179376 -0.197691 13.395414 10.047619 10.278839 13.966651 -10.81752
1942 8.93 0.59 1.03 0.63 15.7 0.9348467 5399 2786 2613 1942 103.12159 162.96111 331.72564 148.05964 6.3294083 0.1110478 0.1053035 11.049645 7.6982759 10.807579 10.032416 -7.013312
1943 10.09 0.61 0.94 0.69 16.9 0.9779661 5550 2839 2711 1943 108.24361 167.07931 316.30261 154.50377 6.3559195 0.1994008 0.1818221 9.7943678 9.7961165 11.182682 10.015528 -2.26858
1944 11.85 0.64 0.93 0.72 17.4 0.9845663 5685 2917 2768 1944 123.47155 171.44393 314.64954 159.69892 6.5186517 0.1656094 0.1532441 9.4724157 12.606383 11.476711 11.041318 -1.578851
1945 13.49 0.66 0.96 0.75 17.8 0.9853571 5924 3092 2832 1945 137.40096 175.92609 314.8399 174.18034 6.5746154 0.3542958 0.3032816 9.5630769 14.505376 11.434555 11.972155 -1.497191
1946 18.02 0.71 1.06 0.76 18.2 0.8529451 6295 3228 3067 1946 179.50692 180.64753 315.22102 202.42293 5.9871163 -0.252138 -0.290537 8.9385116 18.770833 11.016874 15.698637 -17.37187
1947 15.21 0.84 1.61 1.01 21.5 0.9163354 6239 3081 3158 1947 128.25921 186.31057 275.26521 191.0815 6.4258228 -0.065391 -0.067627 12.31616 14.349057 10.80575 11.642069 -9.222558
1948 14.83 0.93 2.29 1.35 23.7 1.0008313 6262 3038 3224 1948 113.44637 191.88338 256.34976 186.77673 7.025375 0.0847185 0.0813205 17.299042 9.2111801 11.706855 10.498704 0.0841772
1949 15.36 1.14 2.32 1.58 24 1.0374128 6281 3032 3249 1949 116.032 197.18837 258.80824 181.45666 8.7949787 0.1981383 0.1807689 17.898553 6.7074236 12.322825 9.9114582 3.6633333
1950 16.88 1.47 2.84 1.32 23.5 0.9374094 6431 3075 3356 1950 130.2274 200.95957 268.66919 185.97502 10.492559 0.2430962 0.2176052 20.271339 7.2758621 12.999852 10.567983 -6.765106
1951 21.21 1.41 2.44 2.12 25.4 0.9788106 6560 3103 3457 1951 151.39264 203.1715 251.62318 186.89992 9.6465283 0.1568769 0.145724 16.693283 7.4683099 13.329639 11.64572 -2.210709
1952 24.19 1.41 2.4 2.39 26.5 1.0200508 6721 3172 3549 1952 165.49611 206.43344 245.85252 191.35497 9.6102632 0.1362662 0.1277476 16.357895 9.9139344 13.860464 12.415648 2.0126415
1953 26.18 1.45 2.51 2.58 26.6 1.0143599 6861 3218 3643 1953 178.43737 209.95163 249.76896 193.95343 9.7726766 0.0164205 0.0162871 16.91684 10.908333 14.572712 12.873838 1.4521805
1954 25.46 1.54 2.77 1.8 26.9 1.0256255 6929 3202 3727 1954 171.59472 213.53125 252.37213 190.00496 10.457004 0.4696859 0.3850487 18.809026 10.143426 15.506373 11.775072 2.5434944
1955 35.6 1.64 3.62 1.81 26.7 1.0143011 7148 3299 3849 1955 241.73333 216.61966 257.11524 198.13944 11.094478 0.2814366 0.2479818 24.48903 12.851986 16.998968 15.58929 1.4354682
1956 44.15 1.74 3.41 3.21 26.8 1.0021841 7328 3352 3976 1956 298.67146 219.23408 258.69283 202.39362 11.429783 0.037435 0.0367513 22.399746 12.196133 18.345091 17.569976 0.2249254
1957 45.43 1.79 3.37 3.86 27.6 1.0022853 7407 3353 4054 1957 298.42243 221.66522 257.00299 197.58042 11.347098 -0.088495 -0.092659 21.362972 13.322581 19.249773 16.267154 0.2368116
1958 41.12 1.75 2.89 2.54 28.6 1.0112566 7469 3329 4140 1958 260.66629 224.34672 255.35741 191.23648 10.940517 0.3759409 0.3191378 18.067483 12.20178 19.326617 13.541266 1.1413986
1959 55.62 1.83 3.39 3.74 29 1.0267782 7692 3408 4284 1959 347.7209 227.64078 256.26219 197.94157 11.323515 0.0652121 0.063174 20.976348 19.245675 19.634396 17.991814 2.7055172
1960 58.03 1.95 3.27 4.28 29.3 1.0253034 7771 3390 4381 1960 359.073 230.74601 260.61111 192.77973 11.863591 0.0448952 0.0439166 19.894329 17.117994 19.596695 18.287958 2.5735154
1961 59.72 2.02 3.19 2.91 29.8 1.0222393 7881 3396 4485 1961 363.33007 233.48227 264.29681 189.21907 12.207533 0.1824526 0.1675907 19.278233 18.262997 19.85519 18.540374 2.2388591
1962 69.07 2.13 3.67 3.39 30 1.0202961 8083 3449 4634 1962 417.41303 236.03416 267.07506 191.93742 12.702928 -0.040019 -0.040841 21.887204 21.652038 20.408121 21.022867 2.0566667
1963 65.06 2.28 4.02 3.5 30.4 1.0182524 8247 3472 4775 1963 388.00586 238.22782 268.9993 191.15608 13.377476 0.1905326 0.1744008 23.586602 17.72752 21.075097 19.012326 1.8552632
1964 76.45 2.5 4.55 4.09 30.9 1.0308913 8589 3592 4997 1964 448.55615 239.84827 269.79846 202.55996 14.527244 0.148043 0.1380587 26.439583 19.017413 21.838153 21.283705 3.1191262
1965 86.12 2.72 5.19 4.46 31.2 1.0248906 8933 3735 5198 1965 500.43449 240.35034 272.65475 213.35884 15.507421 0.0941468 0.0899749 29.589528 18.927473 22.348203 22.915605 2.5369231
1966 93.32 2.87 5.55 5.44 31.8 1.0191465 9293 3895 5398 1966 532.04138 239.84035 273.11555 224.70001 15.815532 -0.09558 -0.100461 30.584043 17.980732 23.166633 23.806898 1.9808805
1967 84.45 2.92 5.33 5.55 32.9 1.0183563 9516 3914 5602 1967 465.3734 238.96767 271.79977 225.45184 15.524809 0.119156 0.1125749 28.338094 15.216216 23.864145 20.08809 1.9025836
1968 95.04 3.07 5.76 6.17 34.1 1.0169654 9884 4052 5832 1968 505.30065 238.3469 270.51444 237.10738 15.634579 0.0593561 0.0576613 29.333933 17.831144 24.99079 21.174052 1.771173
1969 102.04 3.16 5.78 8.05 35.6 1.0176138 10166 4118 6048 1969 519.65876 237.56763 268.68732 242.35204 15.156296 -0.1373 -0.147688 27.722593 17.715278 25.665414 20.794011 1.8702247
1970 90.31 3.14 5.13 9.11 37.8 1.0362709 10389 4169 6220 1970 433.15352 237.24657 267.42978 243.49675 14.303568 0.0162133 0.0160832 23.368568 15.624567 26.012838 16.876935 3.8189947
1971 93.49 3.07 5.7 5.66 39.8 1.0231796 10567 4191 6376 1971 425.87279 237.8137 271.72538 241.92471 13.54236 0.1017809 0.0969279 25.143796 18.224172 26.599394 16.371639 2.3936683
1972 103.3 3.15 6.42 4.62 41.1 1.009362 10985 4329 6656 1972 455.67616 239.23064 273.7738 258.24252 13.405986 0.1354246 0.1270067 27.322676 18.122807 27.142941 17.131073 0.970365
1973 118.42 3.38 8.16 7.93 42.6 0.9866562 11332 4428 6904 1973 503.97995 240.88757 272.49287 270.09023 13.150086 -0.23197 -0.263927 31.746953 18.445483 27.958977 18.567625 -1.459671
1974 96.11 3.6 8.89 11.03 46.6 0.9930898 11288 4299 6989 1974 373.92152 242.92798 265.53153 253.80621 12.527447 -0.291228 -0.344221 30.935835 11.778186 28.408602 13.373935 -0.772575
1975 72.56 3.68 7.96 7.24 52.1 1.0048928 11477 4320 7157 1975 252.49766 245.76866 260.6693 254.24219 11.999712 0.2983881 0.2611236 25.955899 8.1619798 28.045239 8.8880706 0.5221497
1976 96.86 4.05 9.91 5.7 55.6 1.0046017 11910 4487 7423 1976 315.84025 249.36176 259.13852 272.11764 12.551538 0.0583636 0.0567239 30.71253 12.168342 28.058088 11.261814 0.4841727
1977 103.81 4.67 10.89 5.28 58.5 0.9854208 12224 4550 7674 1977 321.72227 252.60589 256.89646 281.66117 13.546736 -0.144156 -0.155668 31.589712 10.475277 28.383249 11.466294 -1.557607
1978 90.25 5.07 12.33 7.78 62.5 0.9862738 12624 4670 7954 1978 261.7972 255.00482 248.85619 296.67906 13.458141 0.062406 0.0605361 32.729561 8.2874197 28.722812 9.2236515 -1.5
1979 99.71 5.65 14.86 10.88 68.3 0.9734067 12863 4742 8121 1979 264.67676 257.65828 240.92537 300.39231 13.166388 0.0258949 0.0255653 34.628766 8.0867802 29.41343 9.2148625 -3.029224
1980 110.87 6.16 14.82 11.37 77.8 0.9959294 12841 4680 8161 1980 258.36415 260.79994 230.17634 285.68724 12.836874 0.1221918 0.1152837 30.883517 7.460969 30.164924 8.783884 -0.455193
1981 132.97 6.63 15.36 17.63 87 1.0852397 12888 4688 8200 1981 277.09725 264.50265 224.54132 275.99884 12.746755 -0.140274 -0.151141 29.530944 8.9723347 30.603639 9.1860748 9.2391954
1982 117.28 6.87 12.64 14.6 94.3 1.1049877 12949 4688 8261 1982 225.48106 268.54846 237.72809 267.18964 12.735491 0.2425913 0.2171989 23.43182 7.6354167 30.214554 7.3677858 10.888441
1983 144.27 7.09 14.03 9.37 97.8 1.0496944 13390 4801 8589 1983 267.44531 272.87615 256.98536 282.69319 12.614495 0.1540857 0.1433084 24.96211 11.413766 29.536069 8.8515392 5.177771
1984 166.39 7.53 16.64 11.11 101.9 1.0731857 13821 4948 8873 1984 296.0403 277.62158 265.60703 298.26496 12.94018 0.0398892 0.0391142 28.595564 11.859587 29.302042 10.02301 7.5771246
1985 171.61 7.9 14.61 8.35 105.5 1.0429676 14292 5038 9254 1985 294.90894 282.33612 280.55942 316.86908 13.068157 0.2120875 0.1923441 24.167819 10.313101 29.123234 10.06445 4.4637441
1986 208.19 8.28 14.48 7.31 109.6 1.0576597 14649 5171 9478 1986 344.38729 287.22862 288.93726 328.14423 13.499676 0.2914403 0.2557581 23.608129 14.249829 28.412794 11.825173 5.850146
1987 264.51 8.81 17.5 6.25 111.2 1.0211755 15046 5248 9798 1987 431.25596 291.98716 301.56744 342.05304 13.805125 -0.057861 -0.059602 27.422213 18.267265 27.996044 15.178231 2.2032374
1988 250.48 9.73 23.76 7.63 115.7 1.0283064 15476 5367 10109 1988 392.49805 296.73727 304.56257 358.42065 14.566879 0.1257559 0.1184547 35.571329 14.313143 28.280221 14.019768 2.9627571
1989 285.41 11.05 22.87 9.29 121.1 1.0388555 15752 5461 10291 1989 427.29012 300.99167 308.9943 363.37409 15.725 0.1690616 0.1562014 32.545769 12.012205 28.071922 15.10915 4.0876879
1990 339.97 12.1 21.34 8.43 127.4 1.0262988 15945 5479 10466 1990 483.80346 304.29446 315.57609 361.17004 16.298143 -0.06009 -0.061971 28.743997 14.865326 27.857969 17.234426 2.7785086
1991 325.5 12.2 15.91 6.92 134.6 1.0421022 15852 5384 10468 1991 438.43351 307.20619 318.28383 338.58906 16.016365 0.2824138 0.2487441 20.886915 15.253046 26.993567 15.738172 4.3197028
1992 416.08 12.38 19.09 3.91 138.1 1.0063093 16049 5414 10635 1992 546.23681 310.61271 326.24006 335.35362 15.73979 0.0418306 0.0409793 24.270806 26.152106 27.077465 20.235815 0.6514917
1993 435.23 12.58 21.88 3.44 142.6 1.0089291 16277 5500 10777 1993 553.34642 314.54147 324.0121 334.11043 15.600233 0.0881911 0.0845168 27.132996 22.798848 27.294554 20.43568 0.9154558
1994 472.99 13.18 30.6 4.35 146.2 1.0150346 16607 5642 10965 1994 586.54642 318.88116 322.64079 339.24625 15.89843 -0.016091 -0.016222 36.911377 21.617459 28.126135 21.489504 1.5456224
1995 465.25 13.79 33.96 6.45 150.3 1.0362328 16865 5740 11125 1995 561.20975 323.19222 322.76707 339.40593 16.192532 0.3144079 0.2733863 39.876606 15.204248 29.697014 19.953319 3.7221224
1996 614.42 14.9 38.73 5.68 154.4 1.0255809 17148 5841 11307 1996 721.46597 327.47712 329.08931 340.58772 16.97907 0.2337567 0.2100638 44.134186 18.092462 31.74962 24.294226 2.6359585
1997 766.22 15.5 39.72 5.78 159.1 1.0414355 17477 5939 11538 1997 873.13442 331.20882 331.70698 343.59063 17.389542 0.2577546 0.2293281 44.562104 19.78363 33.463609 27.500626 4.2086612
1998 963.36 16.2 37.7 5.85 161.6 1.0411053 17973 6111 11862 1998 1080.7993 334.75159 339.03614 356.29262 17.876202 0.291503 0.2558066 4.1792079
1999 1248.77 16.69 48.17 5.45 164.3 1.0263883 18486 6323 12163 1999 1377.9793 338.01155 346.3107 369.8043 17.92593 0.1241707 0.1170456 2.7111077
2000 1425.59 16.27 50 6.84 168.8 1.0299596 18969 6492 12477 2000 1531.158 341.4359 349.2685 381.62893 16.846094 -0.088989 -0.0932 3.1077725
2001 1330.93 15.74 24.69 4.83 175.1 1.0364615 19114 6540 12574 2001 1378.056 346.24053 354.75008 373.60147 16.113281 -0.14128 -0.152313 3.6877955
2002 1140.21 15.81 30.34 1.8 177.1 0.994417 19260.108 2002 1167.2506 352.14733 363.58365 366.12134 15.81 -0.218977 -0.24715
2003 895.84 181.3 19407.334 2003 895.84 358.77163 358.77163 358.77163
2003 CPI estimated
geo.mean arith mean geo.mean
Average real rate: Div growth return return
1.0294948 0.0110115 0.0816525 0.0645715
0.0667018
Notes: The Federal Reserve Board discontinued its 6-month commercial paper rate series August 1997.
After that, the 6-month Certificate of Deposit rate, secondary market, is used in the same formula, 
converting the January and July rates into an annual yield.