许多经济学家担心的恰恰相反：假如政策偏紧而通货紧缩，通过削减利率来促进消费将更加困难。
Many economists fear the opposite: if policy is kept too tight and deflation takes hold it will become harder to induce spending by cutting rates.
两种担忧都不可小视，区别在于通货膨胀还很遥远并且可控，而通货紧缩却已迫在眉睫，且后患无穷。
There is something to both fears. But inflation is distant and containable, while deflation is at hand and pernicious.
作为欧元成员国，这些国家必须通过通货紧缩而重新获得竞争能力，这就意味着要遭受所有的痛苦。
For membership in the euro means that these countries have to deflate their way back to competitiveness, with all the pain that implies.
它们可能在面对政策压力或是一个明确的决定时犹豫，而这个决定错误的倒向通货膨胀这边而不是通货紧缩。
They may hesitate in the face of political pressure or an explicit decision to err on the side of inflation rather than deflation.
然而，西班牙不再拥有自己的货币，这就意味着它只能通过缓慢而折磨人的通货紧缩来重新恢复竞争力。
But Spain no longer has its own money, which means that it can regain competitiveness only through a slow, grinding process of deflation.
日本经济自1990年代初起便处于衰退状态，而近期则又受到通货紧缩的困扰。
Japan's economy has been in decline since the early 1990's and recently has been beset by deflation.
伴随着失业率10.2%和众多的备用能量，美国仍然面对着更大的通货紧缩的威胁而不是通货膨胀。
With a jobless rate of 10.2% and oodles of idle capacity, America still faces a bigger threat from deflation than from inflation.
它引起的是虚幻力量的感觉，而不是通货紧缩的夸张的虚弱。
It breeds perceptions of illusionary strength rather than deflation's exaggerated weakness.
但是现在由于需求疲软，家庭和公司面临巨大的负债压力，这次价格下跌更接近于1930年代的恶性通货紧缩，而不是更早期的良性通货膨胀。
Today, though, deflation is more likely to resemble the malign 1930s sort than that earlier benign variety, because demand is weak and households and firms are burdened by debt.
将来会出现通货膨胀而不是通货紧缩。
It's inflation, not deflation, that's just around the corner.
财务大臣谴责日本银行未能解决通货紧缩，而央行则怪罪针对国家负债的宽松财政政策。
The finance ministry blames the bank of Japan for failing to tackle deflation. The central bank blames lax fiscal policy for the country's debt.
同时，由于收入下降而债务负担居高不下，通货紧缩使公共及私人债务问题严重化。
And it also aggravates debt problems, both public and private, because incomes fall while the debt burden doesn't.
这一很少被提到的好消息的产生大部分是由于低通胀导致的——一个广受欢迎的循环现象，而被需求学派当做通货紧缩而大加批判。
That rarely mentioned good news, in turn, is largely due to lower inflation-a welcome cyclical phenomenon demand-siders often decry as deflation.
紧缩到底化解危机：可以想象，出现问题的欧洲国家可以通过表达对忍受痛苦的足够的意愿而让债权人恢复信心，从而避免违约或通货紧缩发生。
Toughing it out: Troubled European economies could, conceivably, reassure creditors by showing sufficient willingness to endure pain and thereby avoid either default or devaluation.
直到本年为止日元的疲软很容易解释：因为2001年日本银行（BoJ）为战胜通货紧缩而批量印制纸币。
Until this year the yen's weakness was easy to explain: since 2001 the Bank of Japan (BoJ) had been printing loads of money in order to defeat deflation.
而经济很容易遭受奥地利学派经济学家们所说的“再通货紧缩”（secondarydeflation）的冲击，即银行急于收回贷款，紧缩信贷。
The economy is vulnerable to what economists of the Austrian school of economics terms a “secondary deflation,” where banks call in loans and are stingy about extending credit.
而经济很容易遭受奥地利学派经济学家们所说的“再通货紧缩”(secondarydeflation)的冲击，即银行急于收回贷款，紧缩信贷。
The economy is vulnerable to what economists of the Austrian school of economics terms a "secondary deflation," where Banks call in loans and are stingy about extending credit.
克拉里达说：“美联储更担心价格下降造成的通货紧缩，而不是从现在开始的3、4年里通货膨胀的上升。”
"The Fed is much more concerned about a deflationary outcome of falling prices than it is about a rise in inflation three or four years from now," said Clarida.
削价经营通货紧缩阶段，人们喜欢讨价砍了一个好价钱而沾沾自喜的！
Price cutting. In a deflationary period, people love bargains.
一旦面对通货紧缩，它可行的办法就少得多了，而通缩的危险也不远。
It has far fewer tools at its disposal for battling deflation, not a remote risk.
但货币的价值并不总是稳定不变的，货币的购买力会随着通货膨胀或通货紧缩而产生变化。
Nevertheless, the value of money is not constant over time. The purchASing power of money changes AS a result of either inflation or deflation.
通货紧缩对于优质固定收益资产来说是个理想的环境，因为收入流的价值随着物价下跌而增加。
Deflation is an ideal environment for high-quality fixed - income assets because the value of the income stream rises as prices drop.
消费者因为预计会降价而推迟购买，由此产生通货紧缩，形成一个价格和需求不断下降的循环。
Deflation occurs when consumers delay purchases in anticipation of lower prices, creating a circle of falling prices and demand.
而从我国经济内在运行状况来看，未来几年我国通货紧缩的压力要大于通货膨胀的压力。
And according to inherent operation conditions of Chinese economy, the pressure of deflation should be greater than the pressure of inflation in the following several years.
这就意味着中国将成为其他进口中国产品的国家和地区的通胀来源，而不是像过去一样是价格稳定甚至通货紧缩的来源。
That means China will become a source of inflation for the rest of the world, which imports its goods, rather than a source of price stability or even deflation as it has been in the past.
从股票的角度来看，很显然，在亚洲通货紧缩遭到打击，而通货膨胀受到鼓励。
From an equity perspective, it is clear that deflation has been punished and inflation rewarded in Asia Pacific.
从股票的角度来看，很显然，在亚洲通货紧缩遭到打击，而通货膨胀受到鼓励。
From an equity perspective, it is clear that deflation has been punished and inflation rewarded in Asia Pacific.
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