We develop adjustments to align the NIPA measures of key household flows with cash flow concepts that better reflect household budgets and demand. The adjustments significantly change important macroeconomic time series and give different perspective on household spending and saving....

We develop adjustments to align the NIPA measures of key household flows with cash flow concepts that better reflect household budgets and actual demand generated by households. The adjustments significantly change the behavior across time of household spending and saving. Furthermore, household...