Paul Adolph Volcker Jr. was an American economist and a musician. He was Chairman of the Federal Reserve under U.S. presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with having ended the high levels of inflation seen in the United States during the 1970s and early 1980s. He was the chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011. Volcker died in New York City on December 8, 2019, at age 92. He had reportedly been treated for prostate cancer since being diagnosed the year prior.

Where does Paul Volcker live?

Volcker was born with a birth name Paul Adolph Volcker Jr. in Cape May, New Jersey, the USA on September 5, 1927, as the son of Alma Louise (née Klippel, 1892–1990) and Paul Adolph Volcker (1889–1960). Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. Paul Jr. had four older sisters: Ruth (1916–1991), Louise (1918–1966), Elinor (1922–1923) and Virginia Streitfeld (1924–2011). As a child, he attended his mother's Lutheran church. So we can assume his religion is Christianity. He is an American by nationality. Since all his grandparents were German immigrants. He is of mixed ethnicity(German-American). His zodiac is Virgo. Regarding his education, Volcker went to Teaneck High School in 1945. He graduated from Princeton University in 1949. Further, He earned an M.A. in political economy at Harvard University in 1951. Volcker attended the London School of Economics from 1951 to 1952.

What is Paul Volcker credited for?

Paul Volcker, an American economist, Central banker and chairman of the board of governors of the U.S. Federal Reserve System (1979–87) is best credited or playing a significant role in stabilizing and shaping American economic policy for more than six decades particularly a big moment in the American economy during the 1970s and 1980s. He is accounted for overcoming emerged inflation in the late 1970s and early 1980s by moderating the Monetary Policies to double the fed Funds rate from 10.25% to 20% termed as Volcker Shock which did end the financial crisis at the time.

What did Paul Volcker do?

Volcker started his career as an economist from 1952 after he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962, he was hired at the Treasury Department as director of financial analysis. In 1963, he became deputy undersecretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965. Volcker served as undersecretary of the Treasury for international monetary affairs from 1969 to 1974. After leaving the U.S. Treasury, he spent a year as a senior fellow at Princeton's Woodrow Wilson School (his alma mater). In 1975, he became president of the Federal Reserve Bank of New York, and he retained that role until he became Federal Reserve Chair in August 1979. President Jimmy Carter nominated Paul Volcker to serve as chairman of the Board of Governors of the Federal Reserve System on July 25, 1979. During the time, He brought a massive overhaul in US monetary policy to minimize the inflation which did work at the cost of double fed funds rate from 10.25% to 20% from March 1980 until December and kept it above 16% until May 1981. This was termed as Volcker Shock's meaning for an extreme and prolonged interest rate rise.

It did end inflation and US monetary policy eased in 1982, helping lead to a resumption of economic growth. President Ronald Reagan renominated Volcker to a second term in 1983. After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, Wolfensohn & Co., a corporate advisory and investment firm. In the following years, he held several upper positions in other big firms and trustees. Volcker was an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board in 2009. He proposed the Volcker Rule regulation that prohibits large banks from using customer deposits to trade for their own benefit. But are allowed on behalf of their clients only. Volcker reigned in the position until February 6, 2011. The post advisory days he worked to strengthen the rule of law for the development of communities of opportunity, education, public service, and equity. For his work, he was honored with several honorary degrees by numerous universities and institutions. Similarly, he received the U.S. Senator John Heinz Award for Greatest Public Service .by an Elected or Appointed Official in 1983

What is Paul Volcker’s worth?

The former chairman of the US Economic Recovery Advisory Board, Volcker has a net worth of $1.5 billion dollars. He is considered to have played a key role in rescuing and reshaping the better economic system during the 1970s and 1980s. His major source of income was him being the Chairman of the Federal Reserve in 1987 and chairman of the Economic Recovery Advisory Board from 2009 to 2011. Additionally, he was a full-time economist in several other firms and financial institutions before he got the authority to amend the monetary policy of the US. Information regarding his cars and houses are not available at the moment.

Who was Paul Volcker’s wife?

Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. They had two children, Janice, a nurse and a Georgetown University graduate, and James, a research assistant, and a New York University graduate. They also had four grandchildren. Barbara died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. Over Thanksgiving, 2009, he became engaged to Anke Dening, a long-time assistant. They married in February 2010. Volcker was living in New York before he died on December 8, 2019, at age 92.

 How old is Paul Volcker?

One of the well-recognized personalities in US history in the Financial Crisis of the 1970s and 80s, Paul Volcker died in New York City on December 8, 2019,  at age 92. He had reportedly been treated for prostate cancer since being diagnosed the year prior. The chairman of the Federal Reserve in the 1980s had a tall height of 6 feet 7 inches. Volcker was an avid fly-fisherman. Further information regarding his weight, body measurements, dress size, and shoe size are all unknown.