(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: discount window treatment
If you are looking for a comprehensive research paper on this topic, the most recent and authoritative study is: (2024): Explores why banks use the window outside
Olivier Armantier, Marco Cipriani, and Asani Sarkar simply to avoid appearing financially weak.
Despite Fed efforts to encourage usage, the DW remains heavily stigmatized.
Banks often choose to pay high premiums (e.g., 13–44 basis points above the DW rate) to borrow from private markets rather than use the Fed, simply to avoid appearing financially weak.