To (mis-)quote John Maynard Keynes, it is then more difficult for central bankers to distil “their frenzy from some academic scribbler of a few years back”.
Let me start these remarks by mentioning a few frictions that we should try to overcome for economic research to have even more impact on policy: Different temporalities Robert Solow famously observed in 1967 that economists are “determined little thinkers”. They progress step by step by studying the smaller problems, and gradually get closer to answering the bigger questions.