The United States needs a long-term economic plan including tax and education reform to revive growth, not rely on more monetary or fiscal stimulus for a short-term boost, St. Louis Fed President James Bullard said on Wednesday.

"The U.S. needs a medium-term growth strategy that is less oriented towards stabilization policy, stimulus, and is more oriented to what kinds of things would improve the long term and medium term growth prospects," Bullard said. "Tax reform is in that category. Education reform is in that category. Immigration reform is in that category. There are a host of things that would not have immediate impact...but if you look out five to ten years would have handsome payoffs."

Bullard has been concerned about that possibility that monetary policy has lost its punch after years stuck near zero. He spoke at an economic address at the St. Louis Fed.