Discount Window Treatment -

If you are looking for a comprehensive research paper on this topic, the most recent and authoritative study is:

(2025): Uses laboratory experiments to show that once a facility is stigmatized, it is extremely difficult to "cure" that perception, even with policy changes.

Stigma surfaced eight months before the 2023 regional banking crisis and has not significantly subsided since. Other Key Research Papers discount window treatment

(2024): Explores why banks use the window outside of crises, noting that smaller banks with illiquid portfolios are the most frequent users.

Despite Fed efforts to encourage usage, the DW remains heavily stigmatized. If you are looking for a comprehensive research

Olivier Armantier, Marco Cipriani, and Asani Sarkar

Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings: Despite Fed efforts to encourage usage, the DW

(2020): A Richmond Fed Economic Brief that explains how stigma undermines the Fed's role as the "lender of last resort". Quick Definition: The Discount Window Discount Window Stigma After the Global Financial Crisis