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He expects that downward effect from food prices to fade once supermarkets stop cutting prices.
There was also some downward effect from household energy bills after a price cut from British Gas.
His concern is that judgments about the impact of America's housing bust, including those of a number of senior Fed officials, assume a downward effect from restricted credit over and above what would normally though erroneously in his view be the wealth effect.
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They then estimated the downward effect on prices from increased homebuilding.
Those companies resist selling on Amazon, fearing the downward effect it has on prices.
Other foods including bread and cereals, fish, jam and chocolate had a downward effect.
Destatis, the German data agency, said: "Foreign trade had a downward effect on economic growth.
Typically, someone placing a large sell order would liquidate their position over time to minimize the downward effect on price.
Thus, if the preliminary numbers show no downward effect, then the notion of a downward effect can more readily be dispelled.
Moreover, an increase in the percentage of women in an occupation has a large downward effect on its wage rank.
"It now appears that a downward path of housing prices will accentuate the negative wealth effect from the stock market's decline," said Dean Baker, co-director of the Center for Economic and Policy Research in Washington.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com