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Economic Quarterly

Fourth Quarter 2019

Recent Borrowing from the U.S. Discount Window: Some Cases

Huberto M. Ennis, Sara Ho and Elliot Tobin

The Fed's discount window makes loans to depository institutions on a regular basis. Recent publicly available transaction-level data permit a closer look at the particular circumstances under which some of those loans happened. The analysis of nine specific cases produces some general insights that can be useful in evaluating whether the discount window should be open to making loans during periods of relatively calm financial conditions.


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