Global economic conditions are very different from 1978-81 and the deleveraging and deflationary environment should keep inflation in check.

It's the fall from the peak (which is clearly not a seasonal effect) which suggests we may be in a deflationary environment.

These companies prospered in a deflationary environment that saw interest rates decline while inflation remained under control.

Firstly conventional monetary policy becomes very difficult in this sort of deflationary environment as interest rates can't be pushed below inflation.

This is a deflationary environment, and interest rates are high worldwide.

In a deflationary environment, people defer immediate purchases of already cheap goods because they assume that prices will be even lower next month.

That will tell you that we have moved beyond this deflationary environment.

"Government bonds are absolutely the best thing to own in a deflationary environment," Mr. Paulsen said.

Mr Santos wondered whether there was a danger that the appreciation of the euro might lead us into a deflationary environment.

Which, in a deflationary environment, would be far from assured.