J. Alfred Broaddus

Financial Innovation in the United States - Background, Current Status and Prospects

The purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.

A general model of bank decisions

This paper presents a general theoretical model of individual bank balance sheet management under conditions of uncertainty.

Monetary Policy, Bank Credit, and Total Credit: A Preliminary Analysis

For the last three years, the Federal Open Market Committee has focused greater attention on certain monetary and credit aggregates in specifying its longer-run targets.