Discount Window Treatment | TRENDING | 2025 |

Despite Fed efforts to encourage usage, the DW remains heavily stigmatized.

(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 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

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

Olivier Armantier, Marco Cipriani, and Asani Sarkar

Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings:

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