If you are looking for a comprehensive research paper on this topic, the most recent and authoritative study is:
Olivier Armantier, Marco Cipriani, and Asani Sarkar discount window treatment
Stigma surfaced eight months before the 2023 regional banking crisis and has not significantly subsided since. Other Key Research Papers If you are looking for a comprehensive research
Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings: Banks often choose to pay high premiums (e
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.
(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