A New York Federal Reserve paper published in January suggests that the stigma attached to borrowing money through the central bank's discount window during a liquidity crisis limits the central bank's ability to supply liquidity to the market.

Olivier Armantier, Eric Ghysels, Asani Sarkar and Jeffrey Shrader, the paper's authors, examine evidence during the recent financial crisis for the existence of a discount window stigma. The authors note that Ben Bernanke, the chairman of the Federal