"Negative nominal rates only make it more explicit." Not really. Inflation happens when there is a real resources constrain. You are demanding more from the ec

"Negative nominal rates only make it more explicit." Not really. Inflation happens when there is a real resources constrain. You are demanding more from the economy that the economy can produce. If you have doubts about this, just look into the result of the QE programs that have generated not inflation. Negative rates don't need this condition and don't make really sense. First they push money in the system and then they pull money from the system, but everything continues the same. In fact, negative interest rates can be seen as a way of avoiding doing the logical thing: fiscal policy and direct investment.