Olivier Armantier, Marco Cipriani, and Asani Sarkar
(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. Olivier Armantier, Marco Cipriani, and Asani Sarkar (2025):
(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 the DW remains heavily stigmatized.
Despite Fed efforts to encourage usage, the DW remains heavily stigmatized.