Survey Responses Indicating Improved Perceptions of Discount Window Usage Align with Observed Borrowing Behavior

Abstract

In this note, we examine borrowing activity through the discount window's primary credit program subsequent to the program changes made in March 2020 to assess the extent to which banks' behavior appeared consistent with their reported views of the discount window. Views were collected from 80 banks in the September 2020 Senior Financial Officer Survey (SFOS).