According to Bernanke’s “debt deflation” theory, the collapse in consumer prices was one of the causes of the Great Depression, since deflation raised the real value of debts, making it difficult to repay loans. As Bernanke pointed out, 45% of US farms were behind on mortgage payments in 1933, and in 1934, default rates on home mortgages exceeded 38% in half of US cities.
根据贝南克的“债务紧缩”理论，消费价格的大副下降是导致大萧条的原因之一，因为通货紧缩提高了债务的实际价值，增大了贷款偿付的困难。正像贝南克所指出的那样，1933年45%的美国农场主都拖欠按揭还款，而1934年，住宅按揭的拖欠比率在半数以上的美国城市超过了38%。债务负担摧垮了消费信心，破坏了银行系统，削弱了美国经济。