Paul Volcker

(redirected from Paul Adolph Volcker)

Paul Volcker

An American economist and Chairman of the Federal Reserve from 1979 to 1987. He was credited with ending the high inflation seen in the 1970s. He raised the fed funds rate as high as 20%. This is considered to have contributed to a recession in the early 1980s. However, inflation dropped from 13.5% in 1981 to 3.2% in 1983. He was born in 1927. See also: Stagflation.
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References in periodicals archive ?
The rule is named for Paul Adolph Volcker Jr., a Fed chairman under Presidents Jimmy Carter and Ronald Reagan from 1979 to 1987 and an adviser to President Barack Obama during the financial crisis.