Paul Volcker's monetary policy in retrospect
Pisut, Michelle C.
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Monetary policy is a key factor in determining the course of economic history. Paul Volcker, who held the office of Chairman of the Federal Reserve Board from 1979-1987, left his mark by adamantly fighting inflation throughout his term. He amply filled his role as an inflation fighter by using tight monetary policy to tame the rampant inflation of the late 1970s. Then he led the country into prosperity by implementing an expansionary policy from mid-1982 until the end of his term, still without re-inflating the economy. He stepped down from his office on 1987, leaving Alan Greenspan to lead perhaps one of the most influential institutions in the country.