The protracted economic recession of Japan and the Great Depression of the 1930s are both characterized by zero interest rate plus deflation.

日本持续经济衰退与30年代的经济大萧条都表现出零利率加通货紧缩的特征。

youdao

Suppose, in the present case, that the risk of a global depression is actually zero.

ECONOMIST: Kill or cure?

Shortly after the collapse of the real estate market and the ensuing truncated deflationary-depression, Bernanke took interest rates to near zero percent.

FORBES: Bernanke: 60 Minutes, 2 Big Lies