Paul volcker biography

Paul volcker biography: Volcker first served the

The crisis raised questions in Congress about whether the "independence" of the Fed should be rescinded. Nevertheless, Volcker was reappointed by President Reagan in August to a second four-year term as Federal Reserve chairman and was confirmed by the Senate in an vote. Volcker studiously avoided taking rigid ideological positions with regard to monetary policy, preferring a more flexible and discretionary approach.

In addition to fighting inflation, Volcker presided over the Central Bank in an era in which control of the money supply was greatly complicated due to the deregulation of the financial industry in This resulted in large-scale shifts in deposits between different types of accounts, causing unpredictable changes in the rate of growth of money.

Volcker also successfully defended the Fed's oversight powers in banking regulation that were threatened by proposals to streamline the regulatory process. He argued that in order to fulfill the Fed's role of "lender of last resort" to financially troubled banks, the Fed must maintain day-today regulation over those banks, along with the U.

At the end of his second term in Volcker became a consultant to various financial institutions, including the World Bank. He ran his agency in a notably serene and straightforward style, and still his mystique grew so potent that his every move sent global financial markets into spasmodic guessing games about what he was thinking. Volcker, who took a substantial cut in salary to head the Fed, received numerous awards, including One of Ten Outstanding Young Men in Federal Service and the Alexander Hamilton Award for his efforts at implementation of flexible exchange rates while at the Treasury Department during the early s.

Volcker's first job after leaving government in was as unpaid chairman of the National Commission on the Public Service, a private group working on behalf of the nation's civil servants. He soon became chairman of the New York investment banking firm James D. Wolfensohn, earning a large salary for the first time in his life, and continued to be a respected commentator on the nation's financial affairs in the s.

For further details on the operation of the Fed, see U. Stern, In the Name of Money For a good historical look at the Fed's role in the fight against inflation in the early s see Lawrence S. Ritter and William L. Cite this paul volcker biography Pick a style below, and copy the text for your bibliography. January 9, Retrieved January 09, from Encyclopedia.

Then, copy and paste the text into your bibliography or works cited list. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia. Retrieved December 9, This short article about a person from the United States can be made longer.

Paul volcker biography: Paul Volcker, American economist and banker

You can help Wikipedia by adding to it. Chairs of the Federal Reserve. Seal of the United States Federal Reserve. Hidden category: American people stubs. Toggle the table of contents. In office February — January It is an excellent book, well written, and a book that I could not put down. He tells the story of Volcker ' s success in a lively and authoritative style, but unless America heeds the lessons for fiscal responsibility that Silber draws from Volcker ' s record, the crisis that lies ahead could make those past upheavals seem tame by comparison.

Every member of Congress and concerned citizen should read this book. This book presents a novel explanation for how Volcker defeated inflation, and at the same time, delivers an important message for the complex economic problems we face today. The end of the gold-dollar standard in and the end of out-of-control inflation after are the dominant economic events of the last half century.

But standard economic models do not tell us why these things happened. William Silber shows strikingly how much the leadership of Paul Volcker lay behind these events. Shiller, Yale University, author of Irrational Exuberance. Using previously unpublished papers and private conversations, William Silber delves behind the mystique to reveal the principles and analysis that guided this towering figure of international finance over the past 40 years.

Paul volcker biography: Paul Adolph Volcker Jr.

Volcker is one of the wise men of this period. Volcker has found his muse. December 9, Retrieved December 12, Retrieved December 6, Archived from the original on September 24, Archived from the original PDF on September 11, New York: Picardor, n. Retrieved December 16, In a report last week, the conservative Heritage Foundation contended that Mr.

Volcker had a conflict of interest that 'threatens his credibility' as head of the commission because he had not disclosed that he was a director of the United Nations Association of the United States of America, which the report called 'a pro-U. The Heritage Foundation. February 1, When Volcker was appointed to head the Oil-for-Food investigation in Aprilit was not widely known by the public, the world's media, and the U.

Volcker is listed as a director in the UNA-USA annual report,[12] as well as in the annual reports for and Government Printing Office. It is inconceivable that Kofi Annan was unaware of Mr. Volcker's close ties to the United Nations Association when he appointed him to head the Oil-for-Food investigation, and it could well have been an important factor influencing his decision.

Washington Wire.

Paul volcker biography: Paul Adolph Volcker Jr.

The Wall Street Journal. Archived from the original on September 18, October 15, November 26, Archived from the original on February 24, New York, New York: Viking. OCLC Business Week. The Politico. The Washington Post. Archived from the original on January 30, Retrieved January 27, New York Post. Shultz And Paul A. June 11, ISSN Retrieved June 17, Princeton University.

May 12, May 29, Retrieved March 19, The Volcker Alliance. November 4, Committee for a Responsible Federal Budget. April 25, Retrieved October 22, August 4, September 20, August 1, June 16, Speakers Platform. Archived from the original on February 23, Retrieved March 25, August 24, Fortune Magazine. Retrieved December 22, Time Magazine.

Time Inc. Man in the News: Paul Volcker. Financial Times. Retrieved on November 27,from "FT. Archived from the original on May 13, Retrieved November 27, September 3, March 12, Retrieved December 9, Archived from the original on July 16, Office of the President. Amherst College.