From: Subject: BW Online | February 26, 2003 | What's Worse, Inflation or Unemployment? Date: Wed, 26 Feb 2003 17:58:57 -0800 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0000_01C2DDC0.BBD82840"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1106 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C2DDC0.BBD82840 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.businessweek.com:/print/careers/content/feb2003/ca20030226_1783_ca024.htm?ca BW Online | February 26, 2003 | What's Worse, = Inflation or Unemployment?

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FEBRUARY 26, 2003=20

NEWS ANALYSIS

What's Worse, Inflation or = Unemployment?

Message for Alan Greenspan: A new study = finds that=20 joblessness has far more negative effects than rising = prices

Monetarists have long = argued that=20 the Federal Reserve's mandate to combat both inflation and = unemployment=20 should be revised to focus policy solely on inflation. Judging by = a=20 forthcoming study in the journal International Finance, = however,=20 such a shift might not sit well with the body politic.

In = the=20 study, based on data from some 280 surveys conducted in the U.S. = and=20 Europe from 1973 to 1998, political economist Justin Wolfers of = Stanford=20 University analyzed how people's views of their overall happiness = are=20 affected by present and past levels of inflation and unemployment. = He=20 found that a rise in joblessness is substantially more troubling = to people=20 than accelerating inflation -- even when the period of = unemployment is=20 short-lived.

Wolfers' analysis indicates that a=20 one-percentage-point rise in unemployment causes as much = unhappiness as a=20 five-point increase in inflation. Fluctuations in the jobless rate = are=20 also unsettling.

In sum, the prospect of declining job = security=20 worries folks a lot more than rapidly rising prices. The policy=20 implications for Fed Chairman Alan Greenspan, says Wolfers, are = clear:=20 Keep an eye on both inflation and unemployment, but "when the = trade-off=20 for achieving greater employment stability is just a little more = inflation=20 instability, the gain in the public's happiness suggests it's = worth it."

By Gene Koretz in New York=20

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sans-serif } .disclaim { FONT-SIZE: 10px; COLOR: #cccccc; FONT-FAMILY: Arial, Helvetica, = sans-serif } .timespn { FONT-SIZE: 10px; FONT-FAMILY: Arial, Helvetica, sans-serif } .newsheader { FONT-WEIGHT: bold; FONT-SIZE: 12px; FONT-FAMILY: Times New Roman, = Times, serif } .newstext { FONT-SIZE: 12px; FONT-FAMILY: Times New Roman, Times, serif } .newstext1 { FONT-SIZE: 11px; FONT-FAMILY: Arial, Helvetica, sans-serif } ------=_NextPart_000_0000_01C2DDC0.BBD82840 Content-Type: application/octet-stream Content-Transfer-Encoding: quoted-printable Content-Location: http://www.businessweek.com:/common_scripts/cookie_func.js function extractCookie () {=0A= =0A= var rawCookie =3D document.cookie + "";=0A= =0A= var startPos =3D rawCookie.indexOf("specialAd");=0A= =0A= var extract =3D "";=0A= =0A= if (startPos !=3D -1) {=0A= =0A= var endPos =3D rawCookie.indexOf (";", startPos);=0A= =0A= if (endPos =3D=3D -1) {=0A= =0A= extract =3D rawCookie.substring(startPos);=0A= =0A= } else {=0A= =0A= extract =3D rawCookie.substring(startPos, endPos);=0A= =0A= }=0A= =0A= }=0A= =0A= return extract;=0A= =0A= }=0A= =0A= // extracts the specialextract=0A= function populateAdArray () {=0A= =0A= startPos =3D specialAdCookie.indexOf ("=3D") + 1;=0A= =0A= if (startPos !=3D 0) {=0A= =0A= var cookieContents =3D specialAdCookie.substring (startPos);=0A= =0A= adCookies =3D cookieContents.split("|");=0A= =0A= for (i =3D 0; i < adCookies.length; i++) {=0A= =0A= var tempArray =3D adCookies[i].split (":");=0A= =0A= tempArray[1] =3D (tempArray[1] + "" =3D=3D "undefined" ? 1: = tempArray[1]);=0A= =0A= tempArray[2] =3D (tempArray[2] + "" =3D=3D "undefined" ? (new = Date()).valueOf() : tempArray[2]);=0A= =0A= adCookies[i] =3D new cookieObj (tempArray[0], tempArray[1], = tempArray[2]);=0A= =0A= }=0A= =0A= }=0A= =0A= }=0A= =0A= =0A= function cookieObj (adType, adCount, adTime) {=0A= =0A= this.adType =3D adType;=0A= this.adCount =3D parseInt(adCount);=0A= this.adTime =3D parseInt(adTime);=0A= =0A= return this;=0A= =0A= }=0A= =0A= =0A= =0A= function extractValue (adType) {=0A= =0A= adVal =3D "";=0A= =0A= for (i =3D 0; i < adCookies.length; i++) {=0A= =0A= if (adCookies[i].adType =3D=3D adType) {=0A= =0A= adVal =3D adCookies[i].adVal;=0A= =0A= break;=0A= =0A= } =0A= =0A= }=0A= =0A= return adVal;=0A= =0A= }=0A= =0A= =0A= function incrementCookie (adType) {=0A= =0A= launchAd =3D false;=0A= =0A= if (specialAdCookie.indexOf(adType + ":") !=3D -1)=0A= {=0A= =0A= for (i =3D 0; i < adCookies.length; i++) {=0A= =0A= if (adCookies[i].adType =3D=3D adType) {=0A= =0A= adCookies[i].adCount++=0A= =0A= launchAd =3D true;=0A= =0A= bakeCookie(i);=0A= =0A= break;=0A= =0A= }=0A= =0A= }=0A= =0A= } else {=0A= =0A= adCookies[adCookies.length] =3D new cookieObj(adType, 1, 0);=0A= =0A= launchAd =3D true;=0A= =0A= bakeCookie( (adCookies.length -1) );=0A= =0A= }=0A= =0A= return launchAd;=0A= =0A= }=0A= =0A= =0A= =0A= function launchCheck (adType, maxNum, delay) {=0A= =0A= launchAd =3D false;=0A= =0A= if (specialAdCookie.indexOf(adType + ":") !=3D -1)=0A= {=0A= =0A= delay =3D delay * 60 * 1000;=0A= =0A= for (i =3D 0; i < adCookies.length; i++) {=0A= =0A= if (adCookies[i].adType =3D=3D adType) {=0A= =0A= var diff =3D (new Date()).valueOf() - adCookies[i].adTime;=0A= =0A= if (adCookies[i].adCount < maxNum && diff > delay ) =0A= {=0A= launchAd =3D true;=0A= =0A= break;=0A= =0A= }=0A= =0A= }=0A= =0A= }=0A= =0A= } else {=0A= =0A= launchAd =3D true;=0A= =0A= }=0A= =0A= return launchAd;=0A= =0A= }=0A= =0A= =0A= =0A= =0A= function bakeCookie( num ) {=0A= =0A= var cookieStr =3D "specialAd=3D";=0A= =0A= for (i =3D 0; i < adCookies.length; i++)=0A= {=0A= if ( i =3D=3D num) adCookies[i].adTime =3D (new Date()).valueOf();=0A= =0A= cookieStr +=3D adCookies[i].adType + ":" + adCookies[i].adCount + ":" = + adCookies[i].adTime;=0A= =0A= if (i < (adCookies.length -1) ) cookieStr +=3D "|";=0A= =0A= }=0A= =0A= document.cookie =3D cookieStr + "; path=3D/; = domain=3D.businessweek.com";=0A= =0A= }=0A= =0A= function addToCookie (adType) {=0A= =0A= incrementCookie(adType);=0A= =0A= }=0A= =0A= =0A= adCookies =3D new Array();=0A= =0A= specialAdCookie =3D extractCookie();=0A= =0A= populateAdArray(); ------=_NextPart_000_0000_01C2DDC0.BBD82840 Content-Type: application/octet-stream Content-Transfer-Encoding: quoted-printable Content-Location: http://www.businessweek.com:/common_scripts/special_ads.js // initialize global variables=0A= function initVars () {=0A= =0A= if(!window.rnd){=0A= var axel =3D Math.random() + "";=0A= rnd =3D axel * 1000000000000000000;=0A= }=0A= =0A= site =3D "site=3Dbw&";=0A= =0A= spChan =3D "";=0A= =0A= // NG channel variable if undefined=0A= spChan =3D ((top.chan + "" =3D=3D "undefined") ? "chan=3Dspbw" : = "chan=3Dsp" + top.chan);=0A= =0A= // indicates whether the special ad code should be written=0A= adException =3D false;=0A= =0A= var urls =3D new Array(=0A= "investortoolbox@",=0A= "www.businessweek.com",=0A= "asia.businessweek.com",=0A= "europe.businessweek.com",=0A= "test.businessweek.com",=0A= "staging.businessweek.com"=0A= )=0A= =0A= siteArray =3D new Array(=0A= "investortool",=0A= "bw",=0A= "bw_as",=0A= "bw_eu",=0A= "test",=0A= "staging"=0A= )=0A= =0A= for(i=3D0; i