Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Going back to chart 3—prior to the NIPA revisions, the flow of funds saving rate using the NIPA definition and the saving rate as measured by actual NIPA disposable income minus consumer outlays were remarkably close, and the pattern of the gap between them wasn’t too bad. We haven’t revised the flow of funds numbers, obviously; but with the NIPA revisions, that gap has opened up a bit, and there is a little more discrepancy between the two. What do we know at this stage, after all these years of looking at those two independent residual estimates of saving, to suggest which is likely to be more accurate?

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