Relative value models - questions

CFA Level III
#1

  1. For Shiller P/10MA(E), what is the reason for using CPI(t) for prices but CPI(t+1) for earnings when normalizing for inflation?

  2. In the Yardeni model, what is the maturity of the (A-rated corporate) bonds when computing yB? For the Fed model, it’s the 10-Y T-note. But in the Yardeni model, LTEG is the 5-year growth. Is yB the YTM of 5-Y, 10-Y or 30-Y bonds?