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Is the Conventional View of Discount Window Borrowing Consistent with the Behavior of Weekly Reporting Banks?
Ist Teil von
The review of economics and statistics, 1994-11, Vol.76 (4), p.761-770
Ort / Verlag
Cambridge, Mass: Elsevier Science Publishers
Erscheinungsjahr
1994
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Discount window borrowing by weekly reporting banks disaggregated by Federal Reserve District is used to estimate Goodfriend's model of borrowed reserves. Little evidence is found to support the argument that a bank's borrowing decision is determined by the spread between the funds rate and the discount rate and by prior bank borrowing. A weekly reporting bank has only a 2.7% chance of visiting the discount window during any given maintenance period. This result is consistent with the presence of considerable harassment costs imposed by the discount window officer.