2/4  BIS central bankers' speeches  At the Chicago conference, we also heard how difficult it can be to estimate with any precision the “maximum employment” leg of our dual mandate.7 There is no fixed destination point for maximum employment—no single number where we can be sure we are “there.” Maximum employment is something that we must learn about by seeing how the job market is operating.
This is simply a particular case of my general contention that a fine-tuning, demand management strategy would be extremely difficult to carry out at the national level. This contention has just been made in relation with the first question on co-ordination.