Reserve requirements don't change day to day though, so while it is certainly an influence, it's a set variable for the purposes of analyzing the change of monetary growth and resulting inflation as a funtion of market and political activity.
If I default on you, your losses aren't only the principal, but the amount the principal appreciated. In a deflationary environment, consider the fact you could set on a static instrument and it will appreciate with nearly zero risk. I think it goes without saying that in a deflationary environment, bonds will be worth more upon maturity than in a stagnant or inflationary environemnt. I think we all accept this as a fact of nature about instruments denominated in the nominal currency.
What we have to consider, however is how different vehicles compare to each other the same environment and determine how those vehicles compare to each other another environment, not only how the vehicle compares to itself across different environments.