This is one of the first articles I have read that lays out the case for why we won't/can't have a repeat of the deflation and depression of the 1930's, and what really causes depressions in the past.  A very good read, and quite applicable to marketing decisions.  Although, I'm still in the deflation camp.

 Edit, I remembered to post this link now, sorry.

http://www.howestreet.com/articles_as_pdf/2010Aug111445Deflation-to-Be-or-Not-to-Be-08-05-2010.pdf