Employment is determined by the demand for it from the government and private (domestic + exports). Credit conditions set by the Central Bank can modulate demand, turning it up or down depending on inflationary/deflationary pressures. As can fiscal policy.
The limits of it are set by the supply of employable. When there's an oversupply your going to get low inflation and a lower employed-to-population ratio compared to the 2000s and long term trend.
Part of it as Bernstein states is that we've had a trade deficit for years. This can be replaced by fiscal (deficits) and monetary policy. A lower currency value will eliminate the deficit and raise employment from exports.
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