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improving national economy—alliance with nature’s government1985; Friedman, 1988; Poole, 1988). Also it is well known that bothinflation and unemployment are highly correlated with business-cyclefluctuations, and this period was characterized by major business-cyclemovements—e.g., two U.S. recessions in close succession (January toJune 1980, July 1981 to November 1982) followed by the longest peacetimeeconomic expansion in U.S. history (92 months, as of June, 1990,versus a postwar average of 34 months).Using sophisticated time series methods (multiple-input transferfunction analysis), Cavanaugh, King, and Ertuna (1989) statisticallycontrolled for the effect on the misery index of these three major economicfactors—crude materials prices, monetary growth, and businesscyclefluctuations. Their statistical analysis of the effect of the SuperRadiance group on the misery index controlled for the influence ofthese factors on the misery index by explicitly incorporating measuresof monetary growth, the rate of change of an index of crude materialsprices, and a measure which closely reflects business-cycle fluctuations,the rate of growth of industrial production.While the economic factors included in the study of Cavanaugh,King, and Ertuna did significantly contribute to the explanation ofmovements in the U.S. misery index, the estimated effect of the SuperRadiance group continued to be highly statistically significant (p = 3.2 x10 -9 ). Also, the estimated reductions in the misery index attributed to theSuper Radiance group continued to be very large. For a Super Radiancegroup averaging 1500 to 1699, the long-run multiplier was –7.61 points.This decline represents 54.0 percent of the total decline of 14.1 points inthe misery index from its peak to the end of the sample period in 1988.For a Super Radiance group averaging 1700 or more, the multiplier was–7.65 points, equivalent to 54.2 percent of the total decline of the indexfrom January 1980 to April 1988. Later research by Cavanaugh and King(1990) found somewhat larger and highly significant effects of the SuperRadiance group on the U.S. misery index after controlling additionallyfor movements in an index of U.S. exchange rates. That the Super Radiancemultipliers reported in Cavanaugh, King, and Ertuna and in Cavanaughand King are both larger than those found for the U.S. in thecurrent study indicates that the results reported in Table 1 are conservativeestimates of the effect of the Super Radiance group on the U.S. miseryindex. Thus the multiplier estimates based on the impact assessment431