First, the falling price level would raise the real value of the debts that households and firms owe, making them poorer and reducing their willingness to spend. Second, negative inflation means that real interest rates rise, because central banks cannot lower the nominal interest rate below zero.
央行对它们担心低通胀的解释是消极需求冲击可能让经济陷入长期通缩，即总体物价逐年下降。这将给总需求和就业带来两大不利影响。首先，下降的价格水平增加了家庭和企业所欠债务的真实价值，导致它们更穷，也减弱它们的支出意愿。其次，负通胀意味着真实利率升高，因为央行无法将名义利率降至零以下。更高的真实利率反过来抑制企业投资和住宅建设。