There is only one kind of deflation: monetary deflation. Everything else is a reduction in the real cost of goods and services. No one opposes the latter phenomenon. All defenses of inflationary policy are monetary, so only monetary deflation needs to be defended here. The rest is irrelevant.

As regards monetary deflation, the author claims, as if it made sense, that such deflation “does not in itself lead to lower real costs or other consumer benefits but can trigger damaging secondary effects.” What is “leading to” if not “triggering” and why does “in itself” matter if the secondary effects are “damaging.” If monetary deflation can trigger damaging secondary effects, (it does trigger them, but no need to admit that if you can pretend that “may” includes “does”), it’s a bad idea. Q.E.D.

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