Treatment - Discount Window

Olivier Armantier, Marco Cipriani, and Asani Sarkar

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

(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 Olivier Armantier, Marco Cipriani, and Asani Sarkar Despite

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