paul a volcker

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v. born Sept. 5, 1927, Cape May, N.J., U.S. U.S. economist. He worked as an economist for the Chase Manhattan Bank (1957-61; 1965-68). As an undersecretary at the U.S. Treasury Department (1969-74), Volcker was the chief architect of the U.S.'s abandonment of the gold-exchange standard and the devaluations of the U.S. dollar (1971, 1973). After serving as president of the Federal Reserve Bank (1975-79), he was appointed head of the Federal Reserve System in 1979 by Pres. Jimmy Carter and served until 1987. To end a period of very high inflation, he slowed the growth of the money supply and allowed interest rates to rise, causing a recession (1982-83) but dramatically reducing inflation

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Paul a volcker

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/ˈpôl ə ˈvōlkər/ /ˈpɔːl ə ˈvoʊlkɜr/