身边的经济学·社会常识英语30篇（2）
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Deflationary Expectations and Delayed Consumer Spending
通缩预期与推迟消费
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When people expect prices to fall, they often delay major purchases hoping for lower costs later.
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This behavior reduces current demand, which can deepen deflationary pressure across the economy.
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Firms respond by cutting output, wages, and investment, worsening the cycle further.
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Central banks find it harder to stimulate spending when nominal interest rates hit zero.
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Households with debt suffer more because falling prices increase real debt burdens.
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Prolonged deflation expectations erode business confidence and long-term planning horizons.
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Index-linked wages or contracts can help buffer workers but are uncommon in many sectors.
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Media reports and past price trends shape how strongly consumers internalize deflation fears.
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Fiscal stimulus may be more effective than monetary policy during entrenched deflationary expectations.
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Breaking the cycle requires restoring confidence that prices will stabilize or rise modestly.