*  *  *  It is indeed a pleasure to comment such a challenging and thought provoking paper. Unfortunately, I will not have the time to go through all the very pertinent questions raised in the paper and so my remarks will be selective.
In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.” (Board of Governors of the Federal Reserve System (2012), “Federal Reserve Issues FOMC Statement,” press release, December 12, paragraph 4.)