In a BIS working paper (abstract page) Claudio Borio, Magdalena Erdem, Andrew Filardo and Boris Hofmann analyze the link between growth and deflation from a historical perspective. They conclude:

First, before accounting for the behaviour of asset prices, we find only a weak association between goods and services price deflations and growth; the Great Depression is the main exception. In some respects, this confirms previous work. Second, the link with asset price deflations is stronger and, once these are taken into account, it further weakens the association between goods and services price deflations and growth. Finally, we find some evidence that high private debt levels have amplified the impact of property price deflations but we detect no similar link with goods and services price deflations.