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Journal Article
Noteworthy : Fed lending and moral hazard
Lacker, Jeffrey M. (2004-10)
Econ Focus , Volume 8 , Issue Fall , Pages 1

Report
Rediscounting under aggregate risk with moral hazard
Martin, Antoine; Chapman, James T. E. (2007)
In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should absorb losses related to default to provide risk-sharing goes against the concern that central banks should limit their exposure to credit risk. We extend Freeman's model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses, contrary to Freeman's argument. ...
Staff Reports , Paper 296

Report
The Federal Home Loan Bank System: the lender of next-to-last resort?
Ashcraft, Adam B.; Bech, Morten L.; Frame, W. Scott (2008)
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System's bank and thrift members. Next, we identify the trade-offs faced by member-borrowers when choosing between accessing the FHLB System or the Federal Reserve's Discount Window during ...
Staff Reports , Paper 357

Journal Article
The misuse of the Fed's discount window
Schwartz, Anna J. (1992-09)
Review , Issue Sep , Pages 58-69

Report
Permanent and transient influences on the reluctance to borrow at the discount window
Peristiani, Stavros (1991)
Research Paper , Paper 9115

Journal Article
Banking on the Federal Reserve discount window
Steeves, Brye (2006-10)
TEN , Issue Fall , Pages 34-36

Journal Article
Recent developments in discount window policy
Clouse, James A. (1994-11)
Federal Reserve Bulletin , Issue Nov , Pages 965-977

Journal Article
A disaggregate analysis of discount window borrowing
Peristiani, Stavros; Hamdani, Kausar (1991-07)
Discount window borrowing is an important source of liquidity for depository institutions. This article estimates the demand for adjustment credit of 240 commercial banks during 1981-90. By focusing on the borrowing behavior of individual banks, the authors are able to clarify some anomalies exhibited by borrowed reserves at the aggregate level.
Quarterly Review , Volume 16 , Issue Sum , Pages 52-62

Monograph
Instruments of the money market (foreword)
Cook, Timothy Q.; LaRoche, Robert K. (1993)
Monograph

Journal Article
Walter Bagehot, the discount window, and TAF
Thornton, Daniel L. (2008)
Lend freely at a high rate, on good collateral.
Economic Synopses

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