Negative Rates In Addition To Inflation

Have negative involvement rates boosted inflation? Here is a squeamish graph (source macro-man blog, HT FT alphaville)

Source: Macro-man blog
Not really. Explanations? Choose the chicken or the egg:

1) But for negative rates, inflation would convey been fifty-fifty lower

2) We're living inward a Fisher consequence world. Lower rates lower inflation. (Which is arguably a good, if unintended, thing)

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