... the Federal Reserve BOG. These accounts alsoprovide estimates of holding gains and losses forassets such as real estate and corporate equities,including assets held indirectly through mutualfunds, ... correlationbetween personal and business saving—is famous in economics (it is often called Denison s law, fromDenison, 1958). Unfortunately, it does not suc-cessfully withstand serious empirical scrutiny.22Figure ... after the turn of the century? In principle,this is a moot question because (3) tells us that the two measures should in principle give iden-tical results. In practice, this is an interestingquestion...