在通货紧缩时期，商品和服务的价格下降。

During periods of deflation, prices of goods and services fall.

中国通货紧缩时期，货币政策完全可以有所作为。

China deflationary period, monetary policy can make a difference.

研究表明：一是无论是通货膨胀时期，还是通货紧缩时期都体现了股票市场内部系统干扰是股票价格波动最大的冲击来源；

The comparative analysis shows that. first, whether the period of inflation or deflation, the stock market internal system is the largest source of stock price fluctuation;