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UID:d9d8f85242d180a76dbb470f27a8de48
CATEGORIES:Seminars
CREATED:20170426T191645
SUMMARY:Lunch Seminar: Olivier Armantier - NY FED
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Discount Window Stigma: An Experimental Investigation\nAbstract:\n A core f
 unction of central banks is to act as a “lender of last resort” to the bank
 ing system. In the U.S., the Federal Reserve uses the Discount Window (DW) 
 to fulfill this task. Historically, however, the DW has been little used, e
 ven when banks faced acute liquidity shortages. This lack of DW borrowing i
 s commonly attributed to stigma, as illustrated by Chairman Bernanke’s quot
 e above. The economic consequences of DW stigma may be severe for the finan
 cial system (e.g. fire-sales, excessive self-insurance, failures). Further,
  DW stigma may prevent central banks from effectively providing emergency l
 iquidity and implementing monetary policy. Despite its relevance, DW stigma
  is not a well-understood phenomenon, in large part because of the lack of 
 data. In this paper, we use lab experiments to generate data in order to be
 tter understand DW stigma and how to eliminate it. To the best of our knowl
 edge, this is the first paper that relies on experimental methods to addres
 s DW stigma and more generally the provision of emergency liquidity by cent
 ral banks.\n
DTSTAMP:20260422T062159Z
DTSTART:20170419T130000Z
DTEND:20170419T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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