In the left chart, figures are based on BOJ staff estimates. Notes: 2. In the right chart, figures are from the "White Paper on International Economy and Trade 1998." Sources: Ministry of International Trade and Industry; Bank of Japan.
11 For a more extensive discussion on the pros and cons of make‐up strategies, see e.g. L. Mester (2018). Monetary  Policy Frameworks. Panel Remarks at the session on "Coordinating Conventional and Unconventional Monetary Policies for Macroeconomic Stability", Allied Social Science Associations Annual Meeting, Philadelphia, PA, 5 January. 12 See e.g. European Fiscal Board (2019). Assessment of EU fiscal rules, August. 8