Grasping Reality on TypePad, by Brad DeLong

...That could help bring some discouraged workers to reenter the labor market, as well as help the long-term unemployed find work and involuntary part-time workers find full-time jobs, he said.... Mr. Ball... argues that the Fed would have a much easier time raising interest rates to fight modest inflation than it would battling persistently low inflation or deflation with rates already close to zero...

http://blogs.wsj.com/economics/2015/03/25/fed-should-push-unemployment-well-below-5-paper-says/