
Paul Volcker
The former Federal Reserve Chair known for aggressively raising interest rates to curb inflation in the 1980s. He is presented as a role model that Jerome Powell seeks to emulate.
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7/19/2025, 8:29:34 AM
entitydetail.last_updated
7/22/2025, 5:15:58 AM
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7/19/2025, 8:47:27 AM
Summary
Paul Volcker was a prominent American economist best known for his tenure as the 12th chairman of the Federal Reserve from 1979 to 1987. During this period, he implemented stringent monetary policies, famously known as the "Volcker shock," which are widely credited with successfully curbing the rampant inflation that plagued the United States throughout the 1970s and early 1980s. Prior to his chairmanship, he served as president of the Federal Reserve Bank of New York from 1975 to 1979. Volcker was initially nominated by President Jimmy Carter and subsequently renominated by President Ronald Reagan. After his time at the Federal Reserve, he continued to contribute to public service, notably chairing the Economic Recovery Advisory Board under President Barack Obama from 2009 to 2011, providing guidance during the subprime mortgage crisis. His legacy as Fed chair is frequently referenced in economic discussions, often drawing parallels with other past chairs like Arthur Burns, particularly when examining the Federal Reserve's role in the US economy and deficit management.
Referenced in 1 Document
Research Data
Extracted Attributes
Height
6 feet 7 inches (2.01 m)
Spouse
Barbara (first wife, deceased), Anke (second wife)
Hobbies
Fly-fishing
Education
Princeton University (BA), Harvard University Graduate School of Public Administration (MA), London School of Economics (Rotary Foundation Fellow)
Full Name
Paul Adolph Volcker Jr.
Known For
Ending high inflation (Volcker shock)
Occupation
Economist
Nationality
American
Date of Birth
1927-09-05
Date of Death
2019-12-08
Place of Birth
Cape May, New Jersey, United States
Place of Death
New York City, New York, United States
Timeline
- Born Paul Adolph Volcker Jr. in Cape May, New Jersey. (Source: Wikipedia)
1927-09-05
- Earned a Bachelor of Arts degree, summa cum laude, from Princeton University. (Source: Web Search)
1949-XX-XX
- Earned a Master of Arts degree in political economy and government from the Harvard University Graduate School of Public Administration. (Source: Web Search)
1951-XX-XX
- Served as a Rotary Foundation Fellow at the London School of Economics until 1952. (Source: Web Search)
1951-XX-XX
- Began his career as an economist at the Federal Reserve Bank of New York, serving until 1957. (Source: Web Search)
1952-XX-XX
- Left the Federal Reserve for a position at Chase Manhattan Bank. (Source: Web Search)
1957-XX-XX
- Became director of the Treasury's Office of Financial Analysis. (Source: Web Search)
1962-XX-XX
- Transitioned to deputy undersecretary for monetary affairs at the Treasury. (Source: Web Search)
1963-XX-XX
- Returned to Chase Manhattan Bank as a vice president, remaining until 1969. (Source: Web Search)
1965-XX-XX
- Rejoined the Treasury as Undersecretary for Monetary Affairs, serving until 1974. (Source: Web Search)
1969-XX-XX
- Served as senior fellow at the Woodrow Wilson School of Public and International Affairs at Princeton University for the 1974-75 academic year. (Source: Web Search)
1974-XX-XX
- Became President of the Federal Reserve Bank of New York. (Source: Web Search)
1975-08-01
- Nominated by President Jimmy Carter and became the 12th Chairman of the Federal Reserve. (Source: Wikipedia)
1979-08-06
- Implemented measures known as the 'Volcker shock' to combat high inflation, which continued into the early 1980s. (Source: Wikipedia)
1979-XX-XX
- Renominated by President Ronald Reagan for a second term as Fed Chairman. (Source: Web Search)
1983-08-06
- Left the Federal Reserve, not seeking a third term, and was succeeded by Alan Greenspan. (Source: Wikipedia)
1987-08-11
- His first wife, Barbara, died. (Source: Web Search)
1998-06-14
- Became engaged to Anke. (Source: Web Search)
2009-11-XX
- Chaired the Economic Recovery Advisory Board under President Barack Obama during the subprime mortgage crisis, serving until 2011. (Source: Wikipedia)
2009-XX-XX
- Died in New York City. (Source: Wikipedia)
2019-12-08
- Inducted into the New Jersey Hall of Fame in the Enterprise category. (Source: Web Search)
2021-XX-XX
Wikipedia
View on WikipediaPaul Volcker
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, with measures known as the Volcker shock. 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.
Web Search Results
- Paul Volcker - Wikipedia
Wikipedia # Paul Volcker 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, with measures known as the Volcker shock. He previously served as the president of the Federal Reserve Bank of New York from 1975 to 1979. [...] Volcker was an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board. Volcker had also been Obama's first pick as United States Secretary of the Treasury, but he was considered too old. During the financial crisis, Volcker was extremely critical of banks, saying that their response to the financial crisis was inadequate, and that more regulation of banks is called for. Specifically, Volcker called for a break-up of the nation's largest banks, [...] Volcker was an avid fly-fisherman, who recounted in 1987, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip." Volcker was known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m), standing exactly a foot (30 cm) taller than his first wife, Barbara, when they first met. She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. Over Thanksgiving, 2009, he became engaged to Anke
- Paul A. Volcker - FEDERAL RESERVE BANK of NEW YORK
| Paul A. Volcker Paul Volcker became president on August 1, 1975, at the age of 47. As president, he also served as vice chairman of the FOMC. Previously he served in a variety of positions with the Treasury, Chase Manhattan Bank, and the New York Fed. Mr. Volcker was born on September 1927 in Cape May, New Jersey. He earned a bachelor of arts degree, summa cum laude, from Princeton in 1949, and a master of arts degree in political economy and government from the Harvard University Graduate [...] Paul A. Volcker Mr. Volcker was born on September 1927 in Cape May, New Jersey. He earned a bachelor of arts degree, summa cum laude, from Princeton in 1949, and a master of arts degree in political economy and government from the Harvard University Graduate School of Public Administration in 1951. From 1951 to 1952, he was Rotary Foundation Fellow at the London School of Economics. [...] From 1969 to 1974, he was Undersecretary of the Treasury for Monetary Affairs. His five-and-a-half-year tenure covered a period of rapid change in international and domestic financial affairs. After leaving the Treasury, Mr. Volcker became senior fellow at the Woodrow Wilson School of Public and International Affairs at Princeton University for the 1974-75 academic year.
- Paul A. Volcker Jr. - New Jersey Hall of Fame
A big man in both stature (he stood 6-foot-7) and influence, Paul Volcker helped shape American monetary policy for more than six decades. Best remembered for his efforts to reel in inflation, Volcker served two terms under two presidents as chair of the Federal Reserve Bank from 1979-1987. [...] New Jersey Hall of Fame Logo ## PAUL VOLCKER ### 2021 INDUCTEE - ENTERPRISE Paul Adolph Volcker Jr. Economist; 12th chair of the Federal Reserve Bank Born: September 5, 1927, in Cape May, New Jersey Died: December 8, 2019, in New York City New Jersey Hall of Fame, Class of 2021: Enterprise [...] Born in Cape May, Volcker was raised in Teaneck, where he played high school varsity basketball and his father served as city manager. Volcker received his bachelor’s degree from Princeton University and a master’s from Harvard. In 1952, he took a job as an economist at the Federal Reserve Bank In New York. Five years later, he left for a position at Chase Manhattan Bank. This began a career-long pattern of shuttling between government jobs and the private sector, including a period starting in
- Chairman Paul A. Volcker | The White House
PERAB ## Member Bios # Chairman Paul A. Volcker Paul Volcker In the course of his career, Mr. Volcker worked in the United States Federal Government for almost 30 years, culminating in two terms as Chairman of the Board of Governors of the Federal Reserve System from 1979-1987. He divided the earlier stages of his career between the Federal Reserve Bank of New York, the Treasury Department, and the Chase Manhattan Bank. [...] Educated at Princeton, Harvard and the London School of Economics, Mr. Volcker is Professor Emeritus of International Economic Policy at Princeton University and was the first Henry Kaufman Visiting Professor at the Stern School of Business at NYU. [...] Pursuing his many continuing interests in public policy, Mr. Volcker is associated with the Japan Society, the Institute of International Economics, the American Assembly, and the American Council on Germany. He is Honorary Chairman of the Trilateral Commission and Chairman of the Trustees of the Group of 30.
- Paul A. Volcker | Federal Reserve History
Logo Paul A. Volcker # Paul A. Volcker Paul A. Volcker became chairman of the Board of Governors of the Federal Reserve System on August 6, 1979. He was reappointed for a second term on August 6, 1983, and served until August 11, 1987. [...] Volcker was born in 1927 in Cape May, New Jersey. He received a bachelor's degree from Princeton University and a master's degree from Harvard University Graduate School of Public Administration. Throughout his career, he also received honorary degrees from numerous institutions, including Adelphi University, University of New Hampshire, and Dartmouth College. [...] Volcker first served the Federal Reserve as an economist from 1952 until 1957, when he left for a position with Chase Manhattan Bank. In 1962, he became director of the Treasury's Office of Financial Analysis. The following year Volcker transitioned to deputy undersecretary for monetary affairs. In 1965, he left public service to return to Chase Manhattan Bank as a vice president. He remained with the firm until 1969, when he rejoined the Treasury as undersecretary for monetary affairs. During
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DBPedia
View on DBPediaPaul 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. 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.
