When calculating required return on equity, do we use long term government bond return or short term government debt return as risk free rate?
On the book, they use long term government bond yield to calculate Golden Growth Model equity risk premium estimate, while they seem to use short term government debt yield for Fama and French Model.
So, if question gives us both long term and short term government bond return as risk free rate, which one do we use to get required return on equity?