19  For a comment on this point, see Lucian Bebchuk and Alma Cohen, "Back to the Good Times on Wall Street", WSJ.com, July 31, 2009. 20  In the General Theory, Keynes discusses Gesell's scheme for creating a negative rate of return on money by stamping it.
There are no doubt other schemes to achieve the same end, but as of now there seems to be no practical way of reducing the central bank nominal interest rate below zero. BIS Review 107/2009  9  quantity of some asset, such as the monetary base, the central bank could not also announce a given interest rate as its policy rate.