This article is about the American central banker. For the German general, see Paul Völckers.
Paul Volcker
Volcker in 2014
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.
(1927-09-05)September 5, 1927 Cape May, New Jersey, U.S.
Died
December 8, 2019(2019-12-08) (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 (AB) Harvard University (AM) 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.
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...
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Atlanta July 27, 1979 February 11, 1982 2 years, 199 days Carter Resigned PaulVolcker Philadelphia August 6, 1979 August 11, 1987 8 years, 5 days Carter Resigned...
bank, or any major central bank, and the first Democrat to do so since PaulVolcker assumed that position in 1979 via President Jimmy Carter. She was sworn...
inflation bottomed at 5% in December 1976 before moving higher once again. PaulVolcker was chosen as Fed Chairman in 1979 in order to deal with the challenge...
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