Discount Window | Treatment

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

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

Olivier Armantier, Marco Cipriani, and Asani Sarkar (2025): Uses laboratory experiments to show that once

(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

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: