The gold standard's deflation was associated with pretty good results: https://www.nber.org/papers/w10329 https://www.nber.org/papers/w10329 In any case, in a

The gold standard's deflation was associated with pretty good results: https://www.nber.org/papers/w10329 https://www.nber.org/papers/w10329 In any case, in a multi-currency world with low-friction electronic exchanges available, it stands to reason that deflation is less likely to be damaging, since the switching costs to more inflationary currencies are low.