Sharp deflation, like during the Great Depression, is bad as you say. Slow deflation, like the period after resumption, is not bad. In reality, the economy is

Sharp deflation, like during the Great Depression, is bad as you say. Slow deflation, like the period after resumption, is not bad. In reality, the economy is quite capable of coping with any mild change in prices, and quite bad at dealing with sharp changes in price. It doesn't particularly matter whether those changes are up or down.