text: The peculiar result of the credibility of modern central bankers as inflation hawks is that no matter how much money the Bank of Japan prints now , it doesn 't It can 't lower the nominal interest rate , because that rate is already zero , and because people don 't believe that it will allow inflation to break out any time in the future , it can 't lower the real interest rate either .
  
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  The peculiar result of the credibility of modern central bankers as predatory inflation hawks is that no matter how much money the Bank of Japan prints now , it doesn 't nor can it lower the nominal interest rate , because that rate is already zero .