From WSJopinion: Former Fed chairman Paul Volcker changed the course of economic history dramatically for the better, writes John B. Taylor
Speaking at the Federal Reserve's centennial celebration on Dec. 16, 2013, Paul Volcker talks about inflation and the reason that the Fed has been crucial to aiding the U.S. economy. Image: Jeon Heon-Kyun/ShutterstockPaul Volcker, who changed the course of economic history dramatically for the better, died Sunday at 92.
He was appointed chairman of the Federal Reserve Board in 1979 by Jimmy Carter and was reappointed in 1983 by Ronald Reagan. But his influence on policy wasn’t limited to his chairmanship of the Fed. In a public career spanning seven decades, he served the Nixon administration as undersecretary of the Treasury for international monetary affairs and advised President Obama during the aftermath of the 2008 financial crisis.
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