Paul Volcker(redirected from Paul Vocker)
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved