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The historical median value of the U.S. CAPE ratio is 16.12 for 1880- 2017. Suppose that the current level of the CAPE ratio is 21.04.

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The historical median value of the U.S. CAPE ratio is 16.12 for 1880- 2017. Suppose that the current level of the CAPE ratio is 21.04. Assuming no change in the inflation-adjusted earnings from the previous 10 years, if the CAPE ratio fell back to its historical median value, by what percent would the U.S. stock market decline? Express your answer in percent to one decimal place of accuracy. Do not type the % symbol. Do not enter a minus symbol. Thus, for example, if the market decline is 43.2%, then you would type 43.2 as your

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