Publication:
Discount window borrowing after 2003: The explicit reduction in implicit costs

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dc.contributor.coauthorN/A
dc.contributor.departmentDepartment of Economics
dc.contributor.facultymemberYes
dc.contributor.kuauthorArtuç, Erhan
dc.contributor.kuauthorDemiralp, Selva
dc.contributor.schoolcollegeinstituteCollege of Administrative Sciences and Economics
dc.date.accessioned2024-11-09T23:46:44Z
dc.date.issued2010
dc.description.abstractIn 2003, the Federal Reserve introduced primary credit as its main discount window lending program. This program replaced the adjustment credit program, which, subject to a number of restrictions, had generated a stigma associated with borrowing from the Federal Reserve. Lessening the stigma of borrowing was viewed as essential for reducing the reluctance to borrow from the Federal Reserve. We develop a structural model of daily borrowing. Using this model, we estimate the implicit cost associated with borrowing. Our results suggest that the stigma of borrowing is significantly reduced.
dc.description.fulltextNo
dc.description.harvestedfromManual
dc.description.indexedbyWOS
dc.description.indexedbyScopus
dc.description.openaccessYES
dc.description.peerreviewstatusN/A
dc.description.publisherscopeInternational
dc.description.readpublishN/A
dc.description.sponsoredbyTubitakEuTÜBİTAK
dc.description.sponsorshipThe authors thank Seth Carpenter, Refet Gürkaynak, and the participants of the Central Bank Liquidity Tools conference at the Federal Reserve Bank of New York for their feedback and comments. Sarah Shoff provided excellent assistance with the data. This research was funded by the Scientific and Technological Research Council of Turkey (TUBITAK). Demiralp’s research was also funded by the Turkish Academy of Sciences (TUBA).
dc.description.studentonlypublicationNo
dc.description.studentpublicationNo
dc.description.versionN/A
dc.identifier.WoSQuartileQ1
dc.identifier.doi10.1016/j.jbankfin.2009.09.013
dc.identifier.eissn1872-6372
dc.identifier.embargoN/A
dc.identifier.endpage833
dc.identifier.issn0378-4266
dc.identifier.issue4
dc.identifier.scopus2-s2.0-75849131930
dc.identifier.startpage825
dc.identifier.urihttps://doi.org/10.1016/j.jbankfin.2009.09.013
dc.identifier.urihttps://hdl.handle.net/20.500.14288/14001
dc.identifier.volume34
dc.identifier.wos000278173200012
dc.keywordsDiscount window
dc.keywordsPrimary credit
dc.keywordsFederal funds market
dc.language.isoeng
dc.publisherElsevier
dc.relation.affiliationKoç University
dc.relation.collectionKoç University Institutional Repository
dc.relation.ispartofJournal of Banking and Finance
dc.relation.openaccessN/A
dc.rightsN/A
dc.subjectMonetary economics
dc.subjectCentral banking
dc.subjectFinancial economics
dc.subjectBanking
dc.titleDiscount window borrowing after 2003: The explicit reduction in implicit costs
dc.typeJournal Article
dspace.entity.typePublication
local.contributor.kuauthorArtuç, Erhan
local.contributor.kuauthorDemiralp, Selva
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