CONTENTS

Preface by Wesley C. Mitchel

I. Introduction

II. The Concept of Long Term Interest Rates

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

IV. The Relation of the Movements of Bond Yields to the Grades of the Bonds - Economic 'Drift'

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

VI. Interest Rates and Commodity Prices

VII. Factual Leads and Lags and Empirical Forecasting

List of Tables
List of Charts

Appendix
Tables
Professor Irving Fisher's Statistical Measures of 'Price Change'
The Meaning of Gold Yields of Bonds Payable
Principal and Interest in Currency
Methods for Computing Cyclical and Trend
Graduations and Moving Seasonals
Short Term Interest Rates