Dividends And Stock Valuation: A Study From The Nineteenth To The Twenty-First Century Page 43
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45Figure 2c: Graph of the year-over-year change in the CPI (d_cpi) and the year-over-year change in the
US nominal GNP (GNPUCH)
0.30
0.25
D_CPI
gnpuch
0.20
0.15
0.10
0.05
0.00
-0.05
-0.10
-0.15
-0.20
1867
1877
1887
1897
1907
1917
1927
1937
1947
1957
1967
1977
1987
1997
Figure 2d: Graph of the year-over-year change in the US nominal GNP (GNPUCH) and the average P/E
multiple in the US divided by 100 (US_PE/100)
0.30
gnpuch
us_pe/100
0.25
0.20
0.15
0.10
0.05
0.00
-0.05
-0.10
-0.15
-0.20
1867
1877
1887
1897
1907
1917
1927
1937
1947
1957
1967
1977
1987
1997
41
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