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"People tend to underestimate the deflationary impact over the last 10 years" from Chinese exports, said Michael R. P. Smith, the chief executive of HSBC's Asian operations.
Oil prices are up by $20 a barrel since the turn of the year and the deflationary impact of cheap crude on fuel prices is easing.
"Renewables are a lower cost, cleaner solution, particularly when the deflationary impact of wind and solar is incorporated," the study states.
"The deflationary impact of Asia on the world's economy", he said, "in all likelihood will be more severe and prolonged than current consensus expects".
Hence one can argue that it is CRR which is having a deflationary impact on TV advertising, and not the mythical power of the internet.
The second is that the deflationary impact from spare capacity in the economy is perhaps being more than offset by the lagged effects of the 25% devaluation in sterling, which makes imports dearer.
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The EU can go further: institutions like the European Investment Bank should undertake countercyclical investments in the country, to offset the deflationary impacts of the budget cuts.
Like GDP ignores sector, using the economy-wide inflation number hides the deflationary impacts from other sectors.
Brad's ire reflects Murphy's apparent belief that his failed inflation forecast is OK because we just so happen to have faced a huge deflationary downdraft that offset the inflationary impact of Fed expansion.
It is unexpected longevity, not simply ageing, that has been deflationary in Japan.What about the impact of ageing on financial assets?
But the longer-term impact of higher oil prices would be deflationary, not inflationary.
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