I'm wondering how the Fed's discount window differs from it's involvement in the repo market.
To the best of my knowledge, both are tools used to conduct monetary policy and both are also short-term, collateralised loans for commercial banks that are facing liquidity problems. So what is the difference between the two? The only one I can think of is that the discount window has different tiers of loans whereas Fed repurchase agreements do not but this seems like too small a difference to be the only one between the two.