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| Volcker's undergraduate education was at ]; he graduated in 1949. He earned a M.A. in political economy from ] in 1951 and then attended the ] from 1951 to 1952 as a ] Foundation Ambassadorial Fellow--perhaps the most prestigious scholarship to be awarded on a global basis. From ] to ] Mr. Volcker served as under-secretary of the ] for international monetary affairs. He played an important role in the decisions surrounding the US decision to suspend ] in 1971, which resulted in the collapse of the ]. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the US Treasury, he became president of the ] from ] to ]. | Volcker's undergraduate education was at ]; he graduated in 1949. He earned a M.A. in political economy from ] in 1951 and then attended the ] from 1951 to 1952 as a ] Foundation Ambassadorial Fellow--perhaps the most prestigious scholarship to be awarded on a global basis. From ] to ] Mr. Volcker served as under-secretary of the ] for international monetary affairs. He played an important role in the decisions surrounding the US decision to suspend ] in 1971, which resulted in the collapse of the ]. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the US Treasury, he became president of the ] from ] to ]. | ||
| In ], the ] ] to research possible corruption in the ] ]. In the report summarising the research, Volcker criticized ], son of ] ], and the ] company ], Annan's employer, for trying to conceal their relationship. Volcker was a director of the ] from 2000-2004 prior to being appointed to the Independent Inquiry by |
In ], the ] ] to research possible corruption in the ] ]. In the report summarising the research, Volcker criticized ], son of ] ], and the ] company ], Annan's employer, for trying to conceal their relationship. Volcker was a director of the ] from 2000-2004 prior to being appointed to the Independent Inquiry by Kofi Annan. | ||
| He is the current Chairman of the Board of Trustees of the Washington-based body, the ]. Volcker has received honorary degrees from ] in 1989, ] in 2005, and ] in 2006. | He is the current Chairman of the Board of Trustees of the Washington-based body, the ]. Volcker has received honorary degrees from ] in 1989, ] in 2005, and ] in 2006. | ||
| '''See also:''' ], ]. | '''See also:''' ], ]. | ||
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| ==External links== | ==External links== | ||
| * | * | ||
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Revision as of 23:42, 18 August 2006
The Honorable Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve ("Fed") under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987).
Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983 and has remained low ever since. The change in policy contributed to the significant recession the US economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression. The stabilization of the price level has apparently been a success.
Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned a M.A. in political economy from Harvard University in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow--perhaps the most prestigious scholarship to be awarded on a global basis. From 1969 to 1974 Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions surrounding the US decision to suspend gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the US Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979.
In April 2004, the United Nations assigned him to research possible corruption in the Iraqi Oil for Food program. In the report summarising the research, Volcker criticized Kojo Annan, son of UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Annan's employer, for trying to conceal their relationship. Volcker was a director of the United Nations Association of the United States of America from 2000-2004 prior to being appointed to the Independent Inquiry by Kofi Annan.
He is the current Chairman of the Board of Trustees of the Washington-based body, the Group of Thirty. Volcker has received honorary degrees from Bates College in 1989, Rensselaer Polytechnic Institute in 2005, and Brown University in 2006.
See also: monetary exchange equation, Phillips curve.
External links
| Preceded byG. William Miller | Chairman of the Federal Reserve 1979–1987 |
Succeeded byAlan Greenspan |
