Brad De Long wrote:
> Over the past year, news about interest rates--at least as our
> computers using linear projections as proxies for expectations define
> news--has no effect on tech stocks. Our models that say that tech
> stock valuations should be extremely sensitive to interest rate news
> and movements worked fine up until March of 1999, and then broke
> down...
>
> Brad DeLong
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Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901