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Paul Volcker | |
|---|---|
_am_19._Symposium_1989-HSGH_022-000765.jpg) Volcker in 1989 | |
| Chair of the President's Economic Recovery Advisory Board | |
| In office February 6, 2009 – February 6, 2011 | |
| President | Barack Obama |
| Preceded by | Position established |
| Succeeded by | Jeffrey R. Immelt (Council on Jobs and Competitiveness) |
| 12th Chairman of the Federal Reserve | |
| In office August 6, 1979 – August 11, 1987 | |
| President | Jimmy Carter Ronald Reagan |
| Deputy | Frederick H. Schultz Preston Martin Manuel H. Johnson |
| Preceded by | G. William Miller |
| Succeeded by | Alan Greenspan |
| Member of the Federal Reserve Board of Governors | |
| In office August 6, 1979 – August 11, 1987 | |
| President | Jimmy Carter Ronald Reagan |
| Preceded by | William Miller |
| Succeeded by | Alan Greenspan |
| President of the Federal Reserve Bank of New York | |
| In office May 2, 1975 – August 5, 1979 | |
| Preceded by | Alfred Hayes |
| Succeeded by | Anthony M. Solomon |
| Personal details | |
| Born | Paul Adolph Volcker Jr. September 5, 1927 Cape May, New Jersey, U.S. |
| Died | December 8, 2019 (aged 92) New York City, U.S. |
| Political party | Democratic[1][2] |
| Spouses | Barbara Bahnson
(m. 1954; died 1998)Anke Dening (m. 2010) |
| Children | 2 |
| Education | Princeton University (BA) Harvard University (MA) London School of Economics |
Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely credited with having ended the high levels of inflation seen in the United States throughout the 1970s and early 1980s,[3] with measures known as the Volcker shock.[4][5][6] He previously served as the president of the Federal Reserve Bank of New York from 1975 to 1979.
President Jimmy Carter nominated him to succeed G. William Miller as Fed chairman and President Ronald Reagan renominated him once. Volcker did not seek a third term at the Fed and was succeeded by Alan Greenspan. After his retirement from the Board, he chaired the Economic Recovery Advisory Board under President Barack Obama from 2009 to 2011 during the subprime mortgage crisis.[7]
- ^ Hoffman, Nicholas von (December 2, 1979). "Can Volcker Stand up to Inflation?". The New York Times. Retrieved November 30, 2017.
- ^ Silk, Leonard (November 8, 1987). "Volcker on the CRASH". The New York Times. Retrieved November 30, 2017.
- ^ "To Treat the Fed as Volcker Did". The New York Times. November 4, 2008. Retrieved November 30, 2017.
- ^ "Volcker Shock: key economic indicators 1979-1987". Statista. October 10, 2022. Retrieved October 3, 2023.
- ^ Matthews, Dylan (July 13, 2022). "How the Fed ended the last great American inflation — and how much it hurt". Vox. Retrieved October 3, 2023.
- ^ Wolf, Zachary B. (July 27, 2022). "This kind of shock to the economy will have consequences". CNN. Retrieved October 3, 2023.
- ^ "Obama Announces Economic Advisory Board" (Press release). White House Press Office. February 6, 2009.