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Former Fed Chair Paul Volcker Has Died

By The Associated Press | Dec 9, 2019 | Reprints | Unlock Link

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Paul Volker. Photo courtesy of the Edmond J. Safra Center for Ethics at Harvard University / CC BY 2.0

Former Federal Reserve Chairman Paul Volcker has died at age 92.

Volcker headed the central bank from 1979 to 1987. When he took over, the economy was suffering from runaway inflation. Consumer prices skyrocketed 13 percent in 1979 and then by the same amount again in 1980.

Volcker worked relentlessly to bring prices under control and pushed interest rates to historic highs to tame inflation, triggering a recession.

More recently, former President Barack Obama made him an economic adviser when he took office after the financial crisis of 2008.

B&T Daily