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.

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

Despite Fed efforts to encourage usage, the DW remains heavily stigmatized. (2025): Uses laboratory experiments to show that once

Olivier Armantier, Marco Cipriani, and Asani Sarkar 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.