Thousands of incredibly poor years by today's standards.
https://www.nber.org/papers/w10329
In any case, in a multi-currency world with low-friction electronic exchanges available, it stands to reason that deflation is less likely to be damaging, since the switching costs to more inflationary currencies are low.
https://www.nber.org/papers/w10329
In any case, in a multi-currency world with low-friction electronic exchanges available, it stands to reason that deflation is less likely to be damaging, since the switching costs to more inflationary currencies are low.