Deflation and Depression: Is There an Empirical Link?
基于17个国家100多年的通胀与产出增长数据，研究发现除1930年代外，通缩与萧条之间几乎没有实证关联。
Are deflation and depression empirically linked? No, concludes a broad historical study of inflation and real output growth rates. Deflation and depression do seem to have been linked during the 1930s. But in the rest of the data for 17 countries and more than 100 years, there is virtually no evidence of such a link.