Not everyone has seen the crazed Greg Mankiw article from last week. He says we need to pay people to borrow. He says we could force excessive inflation:

Suppose that, looking ahead, the Fed commits itself to producing significant inflation. In this case, while nominal interest rates could remain at zero, real interest rates – interest rates measured in purchasing power – could become negative. If people were confident that they could repay their zero-interest loans in devalued dollars, they would have significant incentive to borrow and spend.

Having the central bank embrace inflation would shock economists and Fed watchers who view price stability as the foremost goal of monetary policy. But there are worse things than inflation.

Read the whole article. This comes from a guy with a PhD in economics.