Details

Autor(en) / Beteiligte

• Cosimano, Thomas F.
• Sheehan, Richard G.

Titel

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.