More fundamentally, I suspect that trend growth in output and employment are both a function of culture and social attitudes. How much do we as a society value consumption today as compared to consumption tomorrow? How much do we value education? How much do we value being independent as compared to being dependent on the state? How highly do we regard private property rights?
The answers to these questions are, I suspect, the primary determinants of both economic growth and employment growth, and none of them have much relation to monetary policy. I mentioned that, in the course of keeping inflation low and stable, central banks operate monetary policy with the objective of keeping actual output as close as possible to the trend of potential output.