When deflationary expectations are entrenched, as they are in Europe today, consumers and investors delay spending on the ground that prices and costs will be lower tomorrow. Those expectations become self-fulfilling, because less spending means even less inflation and, in the worst case, falling prices.
当通缩预期根深蒂固时——目前的欧洲就是如此——消费者和投资者就会推迟支出，以期明天的价格和成本会更低。这一预期会自我实现，因为支出减少意味着更少的通胀——甚至价格下跌。