= Paul Volckner = '''Paul Volckner''' was an [[UnitedStates/DepartmentOfTheTreasury|undersecretary of the Treasury]] and [[UnitedStates/FederalReserve|Federal Reserve chairman]]. <> ---- == History == Volckner entered government in the office of the [[UnitedStates/DepartmentOfTheTreasury|undersecretary of the Treasury for monetary affairs]] during the [[UnitedStates/JohnFKennedy|Kennedy]] administration. He would be appointed to the undersecretary role by [[UnitedStates/RichardNixon|Nixon]]. Critically, he advised Nixon to abandon the gold standard. In 1975, he became the president of the [[UnitedStates/FederalReserve|Federal Reserve Bank of New York]]. [[UnitedStates/JimmyCarter|Carter]] nominated Volckner for Federal Reserve chairman in 1979. [[UnitedStates/RonaldReagan|Reagan]] re-nominated him for a second term in 1983. ---- == Policies == The abandonment of the gold standard had sweeping consequences domestically and internationally. See [[UnitedStates/RichardNixon#Gold_Standard|here]] for notes. The United States was experiencing rapid inflation, with a peak at 14.8% in March 1980. Volckner became emblematic for extremely tight monetary policy. That inflation fell below 3% by 1983 is generally accredited to him. These tight policies also created '''Volckner shocks''' that pushed the unemployment rate over 10%. The 1980-1982 recession is similarly generally accredited to him. ---- CategoryRicottone