Central bankers need to manage the dual fear of inflation and deflation for the next 10 years, with quantitative easing, or the printing of money set to be a "stop-start affair", according to hedge fund group Oxburgh Partners.

In Oxburgh's newly-publised research paper From Debt-Deflation to Debt-Debasement, http://bit.ly/aB5gmQ Guy Wolf and Adrian Paine said different policy tools should be used by central bankers at different times depending on whether fears of inflation or deflation have the upper hand. It concludes: "Fear of either scenario mean we will have neither."