Equity risk premium - which Risk free to use?

[MR-STRESS]

Is the general use to use long term RF for CAPM, Macroeconomic models, build up but …

short term RF for Fama French and APT portfolio models?

Kaplan notes are not explicit on this . Thanks in advance

[Moey]

Yes, short term for FF and pastor. Long term otherwise. Harrogath explained it well here: http://www.analystforum.com/forums/cfa-forums/cfa-level-ii-forum/91349370.

@Harrogath

Fama-French empirical study is based using 1-month T-bill, so you must use the Short-term yield provided. The pastor model (the extention of FamaFrench) also uses the short-term yield. The other models we know use the long-term yield.