The effect of deflation in reducing aggregate demand, known as debt deflation, probably played a significant role in the Great Depression.

通缩于降低总需求上的效应叫做债务紧缩，在大萧条时期它可能扮演了重要的角色。

youdao

A rise in nominal values in deflation represents an ever greater rise in real values, so I think gold's price ascent in real terms will be nearly identical in inflation or deflation.

在通货紧缩情况下名义价值的上升表示其真正价值也有一个更大的上升，所以我认为无论是在通货膨胀或是在通货紧缩情况下，实质的黄金价格都会上升。

youdao

Deflation serves no benefit to the Federal Reserve, as declining prices spur positive-feedback panic selling and bank runs, and debt repayments in nominal terms under deflation cause real losses.

通货紧缩对美联储没有益处，下跌的价格刺激正反馈的恐慌性抛售和银行挤提，以及在通货紧缩下以名义价偿还债务造成的真正损失。

youdao

But they warned of the risk of deflation.

VOA: special.2009.01.31

The value of money changes through time because of inflation or deflation; yet, most of our debts are written in money terms.

货币的价值因时而异,那是因为存在通货膨胀和通货紧缩;,但是，我们大多数负债都以货币方式记录。

耶鲁公开课 - 金融市场课程节选

Now there was inflation with regard to a basket of the Consumer Price Index is not just the price of gold; it's the price of many things but the there would be inflation or deflation as the relative price of gold changed.

现在，就一组物品来说，是存在通货膨胀的,消费者价格指数并不仅仅是金子的价格；,它是很多东西的价格，但是,当金子的相对价格变化时,通货膨胀或通货紧缩就会发生。

耶鲁公开课 - 金融市场课程节选

You are confusing two types of deflation: one is monetary deflation, in which the stock of money falls.

FORBES: Money Creation and Limited Government

Every action that people would logically take in their rational self-interest to protect themselves from deflation would just make the deflation worse.

FORBES: Sorry Paul Krugman, But We Still Need Say's Law

See The Deflation Question for more on deflation from John Mauldin.

FORBES: Deflation Dissected