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CEP Occasional Paper
The Road Back to Full Employment
Richard Layard
April 1996
Paper No' CEPOP10:
Full Paper (pdf)

This is the paper of a lecture held in honour of Rudolf Meidner, attempting to answer the following questions: How far can recovery go before the labour market becomes so tight that inflationary pressures once more get out of hand? In other words, what level of employment in future will be sustainable?