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Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements - Review

As a matter of arithmetic, the trends of US government debt and deficits will eventually result in an outrageously high government debt-to-GDP ratio. But when exactly will the United States hit the constraint of infeasibility and how exactly will policy adjust to it? 

research.stlouisfed.org/.../

Is the Discount Window Necessary? A Penn-Central Perspective - Review

Policymakers generally regard the discount window as an essential tool for preventing the spread of financial crises, but some critics have argued that it is an unnecessary—and costly—policy instrument. The arguments against the discount window emphasize that it may unwisely postpone bank failures or undermine the Fed’s control over the supply of reserves.

research.stlouisfed.org/.../1994/05/01/is-the-discount-window-necessary-a-penn-central-perspective