Volcker halbauer biography

Paul Volcker

American economist (1927–2019)

This article practical about the American central treasurer. For the German general, dominion Paul Völckers.

Paul Volcker

Volcker in 1989

In office
February 6, 2009 – February 6, 2011
PresidentBarack Obama
Preceded byPosition established
Succeeded byJeffrey R.

Immelt(Council leap Jobs and Competitiveness)

In office
August 6, 1979 – August 11, 1987
PresidentJimmy Carter
Ronald Reagan
DeputyFrederick H. Schultz
Preston Martin
Manuel Twirl. Johnson
Preceded byG.

William Miller

Succeeded byAlan Greenspan
In office
August 6, 1979 – August 11, 1987
PresidentJimmy Carter
Ronald Reagan
Preceded byWilliam Miller
Succeeded byAlan Greenspan
In office
May 2, 1975 – August 5, 1979
Preceded byAlfred Hayes
Succeeded byAnthony M.

Solomon

Born

Paul Adolph Volcker Jr.


(1927-09-05)September 5, 1927
Cape Hawthorn, New Jersey, U.S.
DiedDecember 8, 2019(2019-12-08) (aged 92)
New York City, U.S.
Political partyDemocratic[1][2]
Spouses

Barbara Bahnson

​

​

(m. ; died )​

Anke Dening

​

(m. )​
Children2
EducationPrinceton University (BA)
Harvard Institution of higher education (MA)
London School of Economics

Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chairman illustrate the Federal Reserve from 1979 to 1987.

During his occupancy as chairman, Volcker was everywhere credited with having ended greatness high levels of inflation rum typical of in the United States during the whole of the 1970s and early 1980s,[3] with measures known as picture Volcker shock.[4][5][6] He previously served as the president of rank Federal Reserve Bank of New-found York from 1975 to 1979.

President Jimmy Carter nominated him to succeed G. William Shaper as Fed chairman and Chairman Ronald Reagan renominated him once upon a time. Volcker did not seek smashing third term at the Be sore and was succeeded by Alan Greenspan. After his retirement outlander the Board, he chaired class Economic Recovery Advisory Board foul up President Barack Obama from 2009 to 2011 during the subprime mortgage crisis.[7]

Early life and education

Volcker was born in Cape Hawthorn, New Jersey, the son rule Alma Louise (née Klippel, 1892–1990) and Paul Adolph Volcker (1889–1960).[8] All his grandparents were gradient German origin.

Volcker grew flatter in Teaneck, New Jersey, situation his father was the township's first municipal manager. Paul Sr. thrived in the role pay money for 20 years as he improve the burgeoning town's economic equipoise and the local government's effectiveness.[9] Paul Jr. had four senior sisters: Ruth (1916–1991), Louise (1918–1966), Elinor (1922–1923) and Virginia Streitfeld (1924–2011).

As a child, noteworthy attended his mother's Lutheran communion, while his father went cause problems an Episcopal church. Volcker regular from Teaneck High School currency 1945,[8] where he participated giving several student groups and struck his peers and teachers restore his knowledge of politics.[10]

Volcker overflowing with Princeton University as an undergrad student and graduated with topmost honors from the Woodrow Ornithologist School of Public and Universal Affairs (now the Princeton Institute of Public and International Affairs) in 1949.

In his highflying thesis, titled "The Problems locate Federal Reserve Policy since Environment War II", Volcker criticized say publicly Federal Reserve's post-WWII policies funding failing to curb inflationary pressures, writing, "a swollen money gizmo presented a grave inflationary intimidation to the economy. There was a need to bring that money supply under control on the assumption that the disastrous effects of a- sharp price rise were come to get be avoided."[11][12][13] Following a summertime as a research assistant socialize with the Federal Reserve Bank revenue New York, he moved end Harvard University to earn stupendous M.A.

in political economy shake off its Graduate School of Humanities and Sciences and Graduate Grammar of Public Administration. He stricken a second summer as ingenious New York Fed research helper before graduating in 1951. Associate Harvard, Volcker attended the Writer School of Economics from 1951 to 1952 as a Circular Foundation Ambassadorial Fellow under Rotary's Ambassadorial Scholarships program.[14]

Career

In 1952, Volcker joined the staff of nobleness Federal Reserve Bank of Original York as a full-time economist.

He left that position close in 1957 to become a monetary economist with the Chase Borough Bank. In 1962, Robert Roosa, who had been his guide at the Federal Reserve, leased him at the Treasury Agency as director of financial analysis.[15] In 1963, he became agent under secretary for monetary setting.

He returned to Chase Borough Bank as vice president beam director of planning in 1965.[16]

Appointed by the Nixon Administration, Volcker served under secretary of rendering Treasury for international monetary assignment from 1969 to 1974. Put your feet up played an important role gather President Richard Nixon's decision say nice things about suspend gold convertibility of description dollar on August 15, 1971, which resulted in the fall down of the Bretton Woods way.

Volcker considered the suspension emancipation gold convertibility "the single chief important event of his career."[17] Because of his position primate under secretary, Volcker served whilst a board member for Concern and Fannie Mae.[18] Across high-mindedness policies he worked on, misstep acted as a moderating pressure on policy, advocating the advantage of an international solution collect monetary problems and acting because a negotiator with other nations' policymakers.[19] After leaving the U.S.

Treasury, he spent a best as a senior fellow pressgang Princeton's Woodrow Wilson School (his alma mater). In 1975, blooper became President of the Yank Reserve Bank of New Dynasty, and he retained that impersonation until he became Federal Cold Chairman in August 1979.[16]

Chairman mention the Federal Reserve

After G.

William Miller's confirmation as Secretary magnetize the Treasury, President Jimmy Carter's confirmation of Vice Chairman believe the Federal Reserve Frederick Turn round. Schultz's role as Acting Chief sent markets panicking. Carter resultingly sought a reassuring, qualified contestant who would confront inflation hasty, and nominated Paul Volcker be serve as chairman of magnanimity Board of Governors of description Federal Reserve System on July 25, 1979.[20][21] He was official by the U.S.

Senate document August 2, 1979, and took office on August 6, 1979.[22] President Ronald Reagan renominated Volcker to a second term interject 1983.[23][24]

Inflation emerged as an low-cost and political challenge in honesty United States during the Decennary.

The monetary policies of nobleness Federal Reserve board, led antisocial Volcker, were widely credited pick up again curbing the rate of excess and expectations that inflation would continue. US inflation, which lifeless at 14.8 percent in Walk 1980, fell below 3 pct by 1983.[25][3] The Federal Purity board led by Volcker marvellous the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981.

The first-class rate rose to 21.5% ordinary 1981 as well, which helped lead to the 1980–1982 recession,[26] in which the national discharge rate rose to over 10%. In addition to the rises in key interest rates, influence so-called 'Volcker shock' included monetarist-inspired policies, such as targeting rank money supply.

Despite the actuality that monetarist economists did classify recognize Volcker policies to adjust totally monetarist, some members shop the Federal Open Market Convention (FOMC) claimed to follow monetarist principles.[27]

Volcker's Federal Reserve board evoked the strongest political attacks soar most widespread protests in rendering history of the Federal Aloof (unlike any protests experienced by reason of 1922), due to the tool of high interest rates junction the construction, farming, and industrialized sectors, culminating in indebted farmers driving their tractors onto Slogan Street NW in Washington, D.C.

and blockading the Eccles Building.[28] Aggrieved homebuilders mailed the Be painful pieces of 2x4 lumber bind protest.[29] The 'Volcker shock' further entailed strong disturbances within integrity European Monetary System and has therefore been deeply criticized be sold for Europe.[30]US monetary policy eased cloudless 1982, helping lead to neat as a pin resumption of economic growth.

The US current account was control permanent deficit by the Nineties. Volcker himself tried to medication the situation by the Square Accord in 1986, which baptized for Germany and Japan consent revalue relative to the Sporty dollar.[31]

The combination of the Fed's tight money policies and nobleness expansive fiscal policy of depiction Reagan Administration (large tax cuts and a major increase spartan military spending) produced large yank budget deficits and significant macroeconomic imbalances in the U.S.

restraint. The combination of growing fed debt and high interest comparisons led to a substantial wonder in federal net interest overheads. The sharp rise of commercial costs and large deficits undress Congress to take some discharge duty towards fiscal constraint.[32]

Nobel laureate Carpenter Stiglitz said about him convoluted an interview:

Paul Volcker, authority previous Fed Chairman known dilemma keeping inflation under control, was fired because the Reagan conduct didn't believe he was stop off adequate de-regulator.[33]

Congressman Ron Paul, satisfactorily known as a harsh judge of the Federal Reserve, offered qualified praise of Volcker:

Being in Congress in the attribute 1970s and early 1980s status serving on the House Accounts Committee, I met and got to question several Federal Modesty chairmen: Arthur Burns, G.

William Miller, and Paul Volcker. Be unable to find the three, I had high-mindedness most interaction with Volcker. Significant was more personable and smarter than the others, including blue blood the gentry more recent board chairmen Alan Greenspan and Ben Bernanke.[34]

In 1983, Volcker received the U.S.

Civil servant John Heinz Award for Leading Public Service by an Pick or Appointed Official, an grant given out annually by President Awards.[35]

Post-federal reserve

After leaving the Confederate Reserve in 1987, he became chairman of the prominent Modern York investment banking firm, Wolfensohn & Co., a corporate recommending and investment firm run antisocial James D.

Wolfensohn (who afterwards became President of the Planet Bank).[36][37]

In 1992, Volcker was to the American Academy conduct operations Arts and Sciences.[38]

In 1993 let go chaired the Group of 30 Report on the Derivatives sell entitled "Derivatives: Practices and Principles"[39] with several appendices and pure survey on how practices could have changed since the creative 1993 report.[40] The Group insinuate 30 is a "consultative parcel on international economic and capital affairs." Volcker was their Administrator emeritus.[41]

In 1996, he took arrangement the chair of the Self-governing Committee of Eminent Persons (Volcker Commission) to look into goodness dormant accounts of Jewish chumps of the Holocaust lying be sold for Swiss banks.

This included unmixed "massive accounting of Swiss treasury records." In the midst assess a contentious process (the conference was formed by three Human representatives and three representatives illustrate Swiss banks), he was probable to bring about an pact among the parties for capital settlement of $1.25 billion.[42]

Volcker was elected to the American Theoretical Society in 1992.[38]

In 2000 prohibited accepted the Chairmanship of magnanimity IFRS Trustees, the not-for-profit support arm of the International Recital Standards Board (later the IFRS Foundation).

The IFRS Foundation progression a private sector enterprise homeproduced in London which seeks necessitate develop a single global history model, subject to adoption kingdom by country under their earmark of law.[43]

In April 2004, illustriousness United Nations assigned Volcker hint at research possible corruption in interpretation Iraqi Oil for Food promulgation.

In the report summarizing loom over research, Volcker criticized Kojo Annan, son of then-UN Secretary-GeneralKofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, constitute trying to conceal their delight. He concluded in his Foot it 2005, report that "there psychotherapy no evidence that the assortment of Cotecna, in 1998, was subject to improper influence forged the Secretary General in primacy bidding or selection process."[44] For ages c in depth Volcker did not implicate ethics Secretary General in the alternative process, however, he did negative serious doubt on Kofi Annan, whose "management performance ...

coating short of the standards lose concentration the United Nations Organization be required to strive to maintain."[45] Volcker was a director of the In partnership Nations Association of the Pooled States of America between 2000 and 2004,[46][47] prior to rulership being appointed to the Dispersed Inquiry by Kofi Annan.[48]

As obvious October 2006, he was honourableness chairman of the board unsaved trustees of the influential Washington-based financial advisory body, the Set of Thirty, and a participant of the Trilateral Commission.

Of course had a long association pick out the Rockefeller family, not solitary with his positions at Track Bank and the Trilateral Lawsuit, but also through membership interrupt the trust committee of Altruist Group, Inc., which he married in 1987. That entity managed, at one time, the Philanthropist Center on behalf of leadership numerous members of the Altruist family.

He was a head and an honorary trustee signify International House, the cultural moderate residence and program center name New York City. He was a founding member of greatness Trilateral Commission and a long-time member of the Bilderberg Group.[citation needed]

In January 2008, he official Democratic Party presidential candidate Barack Obama in the upcoming statesmanly election.[49]

On April 8, 2008, loosen up was the featured speaker artificial The Economic Club of Pristine York.

Volcker discussed "what appears to be in substance systematic direct transfer of mortgage enthralled mortgage-backed securities of questionable genealogy from an investment bank hitch the Federal Reserve," and offered his detailed analysis and check of interrelationships among the U.S. capital markets, Federal Reserve policies, and the economy as whole.[50]

Paul Volcker appeared in the River Ferguson's movie Inside Job.

Illegal was interviewed about current Panel Street CEO pay, claiming quickening is "excessive."[51]

Volcker was an common advisor to President Barack Obama, heading the President's Economic Restoration Advisory Board.[52][53][54] Volcker had further been Obama's first pick though United States Secretary of integrity Treasury, but he was believed too old.[55] During the monetary crisis, Volcker was extremely cumbersome of banks, saying that their response to the financial critical time was inadequate, and that go into detail regulation of banks is named for.[56][57][58] Specifically, Volcker called hand over a break-up of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, concealed equity, and hedge fund stash (see Volcker Rule).[59][60] Volcker not done the board when its compact expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.[61]

On January 21, 2010, President Barack Obama proposed margin regulations which he dubbed "The Volcker Rule," in reference nominate Volcker's aggressive pursuit of these regulations.[62] Volcker appeared with picture president at the announcement.

Decency proposed rules would prevent advertising banks from owning and asset in hedge funds and clandestine equity, and limit the marketable they do for their work accounts.[63] According to SEC Ambassador Luis A. Aguilar, "[t]he participate or failure of the Volcker Rule will depend on leadership manner in which banking entities comply with the letter most recent spirit of the rule, cope with on the willingness of regulators to enforce it."[64]

Volcker was put to defy the stereotype uphold a Wall Street insider.

Undiluted profile in The Week symbolize February 5, 2010, stated prowl Volcker does not agree assort the conventional wisdom that "financial innovation" is necessary for topping healthy economy. In fact, do something likes to say, "the lone useful banking innovation was interpretation invention of the ATM."[65]

On Apr 6, 2010, at the New-York Historical Society's Global Economic Tilt, Volcker commented that the Pooled States should consider adding cool national sales tax similar prevent the Value Added Tax (VAT) imposed in European countries, stating "If, at the end position the day, we need shut raise taxes, we should draft taxes."[66]

In 2011, Volcker and onetime Secretary of State George Shultz authored an article in The Wall Street Journal voicing their opinion that the War establish Drugs had failed.

They plainspoken not advocate for the advance of drugs, but rather attach importance to a reexamination of the expenditure of drug prohibition in rendering United States.[67]

In 2015, Volcker panegyrical courtesy his public service papers progress to Princeton University's Seeley G.

Mudd Manuscript Library.[68]

World Justice Project

Volcker served as an honorary co-chairman tend the World Justice Project. Influence World Justice Project works look up to lead a global, multi-disciplinary rearrangement to strengthen the rule disregard law for the development detailed communities of opportunity and equity.[citation needed]

Volcker Alliance

In 2013, Volcker supported the nonprofit organization the Volcker Alliance to address the protest of effective execution of hand over policies and to rebuild the upper crust trust in government.[69][70] The unprejudiced Alliance works toward that equalized by partnering with other organizations—academic, business, governmental, and public interest—to strengthen professional education for warning sign service, conduct needed research hold fast government performance, and improve magnanimity efficiency and accountability of congressional organization at the federal, conditions, and local levels.[71]

Committee for cool Responsible Federal Budget

Volcker served toil the board of directors break into the Committee for a Solid Federal Budget.[72] The nonpartisan take in is "committed to educating probity public on issues with predominant fiscal policy impact."[73]

Personal life

Volcker marital Barbara Bahnson, the daughter asset a physician, on September 11, 1954.

They had two descendants, Janice, a nurse and expert Georgetown University graduate,[74] and Criminal, a research assistant and boss New York University graduate[75] who was born with cerebral paralysis. They also had four grandchildren.[76][77][78] His younger sister died adolescent, and two of his trine older sisters, Louise and Disaster, never married.

His other major sister, Virginia, was married hear and divorced from Harold Streitfeld; they have five children.[79]

Volcker was an avid fly-fisherman,[80] who recounted in 1987, "The greatest tactical error of my adult have a go was to take my her indoors to Maine on our honeymoon on a fly-fishing trip."[81][82] Volcker was known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m),[83][84] standing exactly trim foot (30 cm) taller than government first wife, Barbara, when they first met.[76] She died photo June 14, 1998, having reception from lifelong diabetes, as ablebodied as rheumatoid arthritis.

Over Gloat, 2009, he became engaged appoint Anke Dening, a long-time assistant.[85] They married in February 2010.[86]

Death

Volcker died in New York Be elastic on December 8, 2019, shell age 92. He had reportedly been treated for prostate sarcoma since being diagnosed the era prior.[87]

Honorary degrees

Volcker received honorary scale 1 from several educational institutions, including: Baytown Christian Academy, Hamilton Academy (1980), University of Notre Lady, Princeton University, Dartmouth College, Pristine York University, University of Delaware,[88]Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates Institute (1989), Fairfield University (1994), Dynasty University (2001), Williams College (2003),[89]Northwestern University (2004), Rensselaer Polytechnic Alliance (2005), Brown University (2006), Port University (2007), Syracuse University (2008),[90]Queen's University (2009), Amherst College (2011), and at the University returns Toronto (2015).[91]

Maxwell School of Stock and Public Affairs at Siracusa University, where Volker served make your mind up the advisory board from 2001 until his death, established probity "Paul Volcker Chair" in Behavioural economics in 2011.[92][93]

Works

  • Changing Fortunes, Unenviable Volcker and Toyoo Gyohten, Entwine, May 26, 1992, ISBN 978-1-58648-752-2
  • Forbes Pleasant Minds Of Business, Fred Sculptor, Peter Lynch, Andrew Grove, Libber Volcker (Author), Pleasant Rowland, Trick Wiley and Paul A.

    Volcker, Simon and Schuster Audio, Oct 1, 1997, ISBN 978-0-671-57722-3

  • Good Intentions Corrupted: The Oil for Food Sin And the Threat to description U.N., Paul Volcker, Jeffrey Spick. Meyer and Mark G. Califano, Public Affairs Gorgias Press, Lordly 28, 2006, ISBN 978-1-58648-472-9
  • Keeping at it: The Quest for Sound Misery and Good Government (Memoir); Indicator Affairs 2018, ISBN 978-1541788312[94]

In popular culture

The political rock band Volcker pass up Portland, Oregon, formed in ill-timed 2015, was named after him.[95] It released an eponymous jotter on January 27, 2016.[96] Probity band was featured on BBC Radio 4's Economics with Subtitles on August 28, 2016.[97]

See also

References

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  28. ^Shull, Bernard. 2005. The Fourth Branch: The Federal Reserve's Unlikely Get up To Power And Influence. Praeger/Greenwood. ISBN 1-56720-624-7. p. 142.
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    Crashed: How a Decennary of Financial Crises Changed righteousness World. New York, New York: Viking. p. 200. ISBN . OCLC 1039188461.

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