1933年，欧文·费雪（Irving Fisher）第一个指出过度负债和随后被迫减债而导致的通缩危险，并说明了它们在触发美国大萧条中所起的“作用 ” 。
In 1933, Irving Fisher was the first to identify the dangers of over-indebtedness and deflation, demonstrating their contribution to the Great Depression in the United States.