*  *  *  I wish to thank Jean-Édouard Colliard and Sebastian Schmidt for their contributions to these remarks. I am solely responsible for the opinions contained herein. Ladies and gentlemen, In the short run central banks need quick answers to specific questions, but whether they can be obtained depends largely on research progress made long before.
To use a metaphor, central banks are sometimes asked to fix the system, but must prepare their toolbox years in advance.