20世纪90年代是一段通货紧缩期，当时各公司大大丧失了他们的提价能力。

The 1990s was a period of disinflation, when companies lost much of their power to raise prices.

《柯林斯英汉双解大词典》

首先，我们将终生承受通货紧缩的打击。

First we have the deflation shock of lives.

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这是高通货紧缩下的产物。

This was a highly deflationary cocktail.

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It wasn't caused by the Fed's sudden tightening against inflation. It was different it was this recession was not understood not anticipated; the Fed came in late to cut interest rates to try to prevent it from being worse because it just didn't seem to have any reason for happening.

它不是由于美联储对通货膨胀的,突然紧缩政策造成的，它不同之处在于,这个经济衰退没有被理解，没有事先准备好；,美联储试图阻止它恶化而,降低利率为时已晚，因为,它似乎看起来没有任何理由发生。

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