During the 19th century, with money more strongly tied to gold, deflation was pretty common. And it seemed like no big deal. Of course the evidence is hard to

During the 19th century, with money more strongly tied to gold, deflation was pretty common. And it seemed like no big deal. Of course the evidence is hard to interpret. The 19th century was poorer than the 20th. Well Duh. The had 19th lots of recessions and depressions. But nothing so bad as the Great Depression. But also nothing so good as the Great Moderation. My guess is that moderate anything is fine. But that policy wonks get the heebie-jeebies about not having the monetary lever in "their" hands.