, full employment has been abandoned in most OECD countries. With this myopic NAIRU-buffer stock attack on employment … argue that there is another option available; instead of mandating a buffer stock of unemployment to stabilise prices …, governments can both more effectively anchor prices and maintain full employment with an open ended, fixed wage buffer stock of …

inventories is not a constant magnitude; it is a variable closely associated with 'time trend'. While the ‘buffer stock’ element …