Stimulus can’t help with outdated skills

My wife is a dental care professional, so her return from professional meetings means that our family is showered with all kinds of useful samples of new dental implements. When I come back from something like the recent American Economic Association meeting, I bring only a suitcase full of ideas.

Among the more tantalizing of the recent ideas from an economic conference is a restatement of the Federal Reserve stimulus debate by economist Charles Plosser. At the Philadelphia meeting of the American Economic Association, Plosser argued that the continued quantitative easing should be quickly reduced.

While this is not a new sentiment, it is important because Plosser’s research into Federal Reserve policy is as respected as the new chairwoman Janet Yellen.

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