required return on equity

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?

for FMF model, use risk free rate because this model focus on short term

forward looking, use long term bond yield

How about CAPM, Pastor and Stambaugh, Macroeconomic and Statistical Multifactor Model and build up model?

CAPM = long term rf

Pastor Stambaugh = it’s just FMF with the addition of liquidity

The one which predicts return on gold ETFs I presume.