• Governments responded to the loss of competitiveness by deflation and incomes policies.
• The government was unwilling to introduce adequate deflationary policies.
• All around the world you have asset deflation going on.The whole world is slowing into a recession.
• Governments can't employ monetary deflation because it destroys private debtors.
— compare disinflation, inflation* * *
Unemployment is the unfortunate legacy of two decades of deflationary economic policies.
deflationary policy - дефляционная политика
дефляционный
~ policy - дефляционная политика