Olivier Armantier, Marco Cipriani, and Asani Sarkar
Despite Fed efforts to encourage usage, the DW remains heavily stigmatized.
(2024): Explores why banks use the window outside of crises, noting that smaller banks with illiquid portfolios are the most frequent users.
(2025): Uses laboratory experiments to show that once a facility is stigmatized, it is extremely difficult to "cure" that perception, even with policy changes.
Stigma surfaced eight months before the 2023 regional banking crisis and has not significantly subsided since. Other Key Research Papers
