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Business · Economics
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Consider the figure below

14 12 10 レ、 8 6 Q. 4 2 -2 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

The figure depicts the trends in the nominal and real interest rates. You do not need to assume that there is a zero lower bound on nominal rates. Suppose you are told that the top (pink) trend line is the nominal interest rate. It would generally be true that this economy exhibits

inflation
deflation
neither inflation nor deflation
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