The Fed modified the discount window in 2003Previously, the Fed discouraged banks from borrowing from the Fed and encouraged them to borrow from each other in the Federal funds marketThe interest rate in the Federal funds market is the Fed funds rateThe Fed funds rate is a market rate of interest, determined by supply and demandBy contrast, the discount rate is set by the FedUnder the new procedure, the Fed sets the discount rate above the Fed funds rate (Fig. 14.7)
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