(2025): Uses laboratory experiments to show that once a facility is stigmatized, it is extremely difficult to "cure" that perception, even with policy changes.
(2024): Explores why banks use the window outside of crises, noting that smaller banks with illiquid portfolios are the most frequent users.
Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings:
(2025): Uses laboratory experiments to show that once a facility is stigmatized, it is extremely difficult to "cure" that perception, even with policy changes. 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. (2025): Uses laboratory experiments to show that once
Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings: discount window treatment