Despite recent developments, there are a number of conceptual issues on the hadronic light-by-light (HLbL) contribution to the muon $(g-2)$ which remain unresolved. One of the most controversial ones is the precise way in which short-distance constraints get saturated by resonance exchange, particularly in the so-called Melnikov-Vainshtein (MV) limit. In this paper we address this and related issues from a novel perspective, employing a warped five-dimensional model as a tool to generate a consistent realization of QCD in the large-$N_c$ limit. This approach differs from previous ones in that we can work at the level of an effective action, which guarantees that unitarity is preserved and the chiral anomaly is consistently implemented at the hadronic level. We use the model to evaluate the inclusive contribution of Goldstone modes and axial-vector mesons to the HLbL. We find that both anomaly matching and the MV constraint cannot be fulfilled with a finite number of resonances (including the pion) and instead require an infinite number of axial-vector states. Our numbers for the HLbL point at a non-negligible role of axial-vector mesons, which is closely linked to a correct implementation of QCD short-distance constraints.
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