Driven covered it, but the answer is yes. Just as adding calories slowly can increase your metabolism, decreasing them for extended periods can decrease your metabolism as well. Also keep in mind that as you lose weight, your body will not need as many calories to maintain that specific weight.
For example, look at athletes in contest prep. They diet down and lower calories significantly during prep, which takes a toll on their metabolisms. Competitors that choose to go back to eating their original calorie maintenance will typically gain a significant amount of weight because of they have decreased their body weight and slowed their metabolism in the process of contest prep.