帮忙翻译： Recessions are deflationary events.They open up a gap between aggregate supply and deman

帮忙翻译： Recessions are deflationary events.They open up a gap between aggregate supply and deman
Deflation is the extreme of disinflation.It represents the rare occurrence of an outright contraction in the aggregate level—a lethal result for the real economy and financial markets.Unfortunately,that’s where the risks now lie.There is a growing chance, in my view,that both the world and the US economy could experience a whiff of deflation over the next couple of years.