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Why is deflation bad?

Abbreviated Question: 
Why is deflation bad?
Answer: 

If prices are not rising at all over time or even falling, it would act as an disincentive for firms to produce goods for the market. For durables, if people expect prices to fall, they will wait. Since most financial contracts are denominated in dollars, deflation would hurt borrowers and help creditors (if you borrow $100 from me and pay me back a year from now, then even with no interest earned, say, I would get more than $100 in real, purchasing power terms because prices have fallen.)