A 0% nominal interest rate combined with a positive inflation rate is a negative real interest rate. Money borrowed at a negative real rate isn't free, of cour

A 0% nominal interest rate combined with a positive inflation rate is a negative real interest rate. Money borrowed at a negative real rate isn't free, of course, but it is on sale. If we have a billion dollar project that needs to be done, you could save ~five million by spending the money today and paying for it three months from now.