This is not my prefered way to do this, cause of massive CPU consumption.
If that is actually your working code, then just keep it like that. Checking a boolean once a second causes NO measurable CPU load. None whatsoever.
The real problem is that the thread that checks the value may not see a change that has happened for an arbitrarily long time due to caching. To ensure that the value is always synchronized between threads, you need to put the volatile keyword in the variable definition, i.e.
private volatile boolean value;
Note that putting the access in a synchronized
block, such as when using the notification-based solution described in other answers, will have the same effect.