10  For details about Japan's prolonged stagnation, see the following publications: (1) Koichi Hamada, Anil Kashyap, and David Weinstein, Japan's Bubble, Deflation, and Long-term Stagnation (Massachusetts: The MIT Press, 2010); (2) Masazumi Wakatabe, Japan's Great Stagnation and Abenomics: Lessons for the World (New York: Palgrave Macmillan, 2015); and (3) Kataoka Goushi, Nihon no "Ushinawareta 20-nen": Defure o koeru keizai seisaku ni mukete [Japan's Lost Two Decades: For economic policies to overcome deflation] (Tokyo: Fujiwara-Shoten, 2010).
Financial crises increase the volatility of macroeconomic variables such as inflation and growth. For this reason, it is of the essence to use a suitable analytical framework. The two-pillar strategy of the Eurosystem’s monetary policy with its prominent role for long-term-oriented monetary analysis is certainly a good basis.