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

(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

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

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

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

Olivier Armantier, Marco Cipriani, and Asani Sarkar

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

Discount Window Treatment Apr 2026

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

(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

Stigma surfaced eight months before the 2023 regional banking crisis and has not significantly subsided since. Other Key Research Papers Federal Reserve Bank of New York Staff Report No

Despite Fed efforts to encourage usage, the DW remains heavily stigmatized. Other Key Research Papers Despite Fed efforts to

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

Olivier Armantier, Marco Cipriani, and Asani Sarkar

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