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ONE of the privileges of membership in the Federal Reserve System is borrowing at the discount window. Bankers generally rate access to the discount window as one of the most, if not the most, important benefits of Federal Reserve membership.1 This paper analyzes the distribution of the benefits of borrowing from the Federal Reserve when the discount rate is below market interest rates, using data from Eighth District member banks. Specifically, the issues considered are whether the distribution of such benefits is concentrated or dispersed among member banks, and whether these benefits accrue primarily to the larger or smaller member banks.

Benefits of Borrowing from the Federal Reserve When the Discount Rate is Below Interest Rates