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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.
In 1979, after price inflation poked above 10% again, Paul Volcker was installed as Fed chair to put the inflation genie back in the bottle for good. But even Volcker got it wrong in his early ...
Productivity, real gross national product, and personal income remained essentially unchanged during this period, while inflation continued to rise, a phenomenon known as stagflation. [4] In order to combat rising inflation, recently appointed chairman of the Federal Reserve, Paul Volcker, elected to increase the federal funds rate.
Inflation began to fall fast in the early 1980s, as new Federal Reserve Chairman Paul Volcker began an aggressive series of interest-rate hikes. The Fed this year has finally started hiking rates ...
Each time, once inflation fell and interest rates were lowered, unemployment slowly fell. [39] Determined to wring inflation out of the economy, Federal Reserve chairman Paul Volcker slowed the rate of growth of the money supply and raised interest rates. The federal funds rate, which was about 11% in 1979, rose to 20% by June 1981.
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Chairman Paul Volcker was the main driver of Fed policy in this decade, leading the Fed until Chairman Alan Greenspan took the post in August 1987. Critics at the time vilified Volcker for harming ...
Year-on-year inflation bottomed at 5% in December 1976 before moving higher once again. Paul Volcker was chosen as Fed Chairman in 1979 in order to deal with the challenge of high inflation. In a rare Saturday press conference on October 6, 1979, [6] Paul Volcker's federal reserve increased the Fed Funds rate from 11% to 12%. [7]