Nitpick, when you say "When central banks target inflation (say 2%) and the economy is growing around 2% (thus 2% deflation) they acctully produce 4% inflation

Nitpick, when you say "When central banks target inflation (say 2%) and the economy is growing around 2% (thus 2% deflation) they acctully produce 4% inflation in real terms" You mean "actually produce 4% inflation in nominal terms"