A nationwide panic forced President Roosevelt to declare a banking holiday in March 1933.
The government reopened banks sequentially using a process that sent noisy signals about …

A core responsibility of the Federal Reserve is to ensure financial stability by acting as the
“lender of last resort” through its discount window (DW). Historically, however, the DW has …

Bank rescue programs are designed to provide assistance to struggling financial
intermediaries during financial crises. A complicating factor is that participating banks are …

We study new transaction-level data of discount window borrowing in the US from 2010-17,
merged with quarterly data on bank financial conditions (balance sheet and revenue). The …

We develop a model of bailout stigma in which accepting a bailout signals a firm's balance‐
sheet weakness and reduces its funding prospects. To avoid stigma, high‐quality firms …

A core responsibility of a central bank is to ensure financial stability by acting as the “lender
of last resort” through its Discount Window. The Discount Window, however, has not been …

While the Shadow Open Market Committee may be best known for its 50-year record of
prescient critiques of the FOMC's conduct of monetary policy, it has also devoted significant …

Abstract We study Discount Window (DW) stigma, the reluctance to access the Federal
Reserve's lender-of-lastresort facility, between 2014 and 2024. Despite increased usage …

This paper examines how multidimensional private information by asset sellers affects
market equilibrium. I find that when asset quality is the only source of private information …

We examine how the threat of disclosure (stigma) changes the quality of banks that
approach emergency lending facilities. We study a financial crisis where two confidential …