3. Di Tella, Rafael; Robert J. MacCulloch and Andrew J. Oswald. 2001. "Preferences over Inflation and Un-employment: Evidence from Surveys of Happiness,”Amer. Econ. Rev. 91:1, pp. 335-341. の分析では、 "A 1-percentage-point increase in the unemployment rate is compensated for by a 1.7-percentage-point decrease in the inflation rate. Thus, if unemployment rises by 5 percentage points (say from 3 to 8 percent), the inflation rate must decrease by 8.5 percentage points (say from 10 to 1.5 percent per year) to keep the population equally satisfied."（p.422 右側） という結果を得た模様。これを今の日本に当てはめると...（続く）
面倒なのでFrey &Stutzer (2002) J. Econ. Lit. p.429 右側をコピペしてオシマイ。
The population seems to feel quite differently. An extensive survey in the United States, Germany, and Brazil (Shiller 1997:後述) finds that people are concerned about quite different issues connected with inflation than are economists. People seem to disregard the fact that inflation probably also raises their own nominal income. They obviously concentrate on the possible harm, but not on the possible benefits, of inflation on their standard of living.(Robert Shiller 1997,"Why Do People Dislike Inflation?”in Reducing Inflation: Motivation and Strategy. Christina D. Romer and David H. Romer, eds. Chicago and London: U. Chicago Press, pp.13-65.) In addition, the survey identifies other concerns generally neglected by economists. One is that inflation allows opportunists to exploit others in an unfair and dishonest way; another is that inflation undermines the moral basis of society. Many fear that inflation produces political and economic chaos and a loss in national prestige due to the falling exchange rate.