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Keywords:discount window 

Discussion Paper
Why Did U.S. Branches of Foreign Banks Borrow at the Discount Window during the Crisis?

To help contain the economic damage caused by the recent financial crisis, the Federal Reserve extended large amounts of liquidity to financial firms through traditional lending facilities such as the discount window as well as through newly designed facilities. Recently released Federal Reserve data on discount window borrowing show that some U.S. branches and agencies of foreign banks were among the most active users of the window. In this post, we explain why U.S. branches borrow at the discount window. We also discuss two main reasons why these branches had a large need for dollars during ...
Liberty Street Economics , Paper 20110413

Speech
Discussion of “Evaluating Monetary Policy Operational Frameworks” by Ulrich Bindseil: remarks at the 2016 Economic Policy Symposium at Jackson Hole, Wyoming

Remarks at the 2016 Economic Policy Symposium at Jackson Hole, Wyoming.
Speech , Paper 216

Working Paper
The Fed's Discount Window: An Overview of Recent Data

From July 2010 until June 2015, the Federal Reserve made over 16,000 loans to financial institutions through the discount window. Recent regulations mandate the release of detailed information about individual loans two years after their occurrence. We study the newly available loan data and uncover the main patterns that broadly describe activity at the Fed?s discount window in recent years.
Working Paper , Paper 18-8

Briefing
Understanding Discount Window Stigma

The discount window is a tool that the Federal Reserve has long used to increase the stability of the financial system, but some believe its effectiveness is diminished by stigma: institutions may avoid borrowing from it out of concern that they may be perceived as being in weakened financial condition. Recent Richmond Fed research has shed new light on the functioning of the discount window and the role that stigma may play in achieving desirable outcomes.
Richmond Fed Economic Brief , Issue 20-04 , Pages 5

Journal Article
The Fed's Discount Window: An Overview of Recent Data

From July 2010 until June 2015, the Federal Reserve made over 16,000 loans to financial institutions through the discount window. Recent regulations mandate the release of detailed information about individual loans two years after their occurrence. We study the newly available loan data and uncover the main patterns that broadly describe activity at the Fed's discount window in recent years.
Economic Quarterly , Issue Q1-Q4 , Pages 37-79

Journal Article
How Do Banks Use the Discount Window?

Highlighted research of "The Fed's Discount Window: An Overview of Recent Data." Felix P. Ackon and Huberto M. Ennis. Federal Reserve Bank of Richmond Economic Quarterly, First-Fourth Quarter 2017, vol. 103, nos. 1-4, pp. 37-79.
Econ Focus , Issue 2Q , Pages 8-8

Journal Article
Models of Discount Window Lending: A Review

This article is a review of the literature that discusses the role of the central-bank discount window using explicit formal general equilibrium models of the economy. For each of the main papers in the literature, a description of the model and the main mechanisms at play is provided. To increase accessibility for a broad audience, the discussion attempts to keep at a minimum the more technical aspects of the subject. A deliberate effort is made to identify common features across models and some lessons that may be useful for policymaking.
Economic Quarterly , Issue 1Q , Pages 1-50

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