Volcker

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Authors: William L. Silber
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the following people to provide background information. I provide their affiliation as they relate to Paul Volcker:
    Stephen Axilrod: staff director and secretary of the Federal Open Market Committee during Volcker’s tenure as chairman.
    Peter Bakstansky: senior vice president of the Federal Reserve Bank of New York and head of the public information area during Volcker’s term as president of the Federal Reserve Bank of New York.
    Ben Bernanke: chairman, Board of Governors of the Federal Reserve System, 2006–present.
    Michael Bradfield: assistant general counsel for international affairs, U.S. Treasury Department, during Volcker’s tenure as undersecretary; general counsel of the Board of Governors of the Federal Reserve System during Volcker’s tenure as chairman.
    Gerald Corrigan: vice president of the Federal Reserve Bank of New York during Volcker’s tenure as president; special assistant to Volcker during his first year as Fed chairman; and member of the FOMC (first as president of the Federal Reserve Bank of Minneapolis and then as president of the Federal Reserve Bank of New York) during Volcker’s tenure as chairman.
    Joseph Coyne: chief spokesman and assistant to the Board of Governors of the Federal Reserve System during Volcker’s tenure as chairman.
    Anthony Dowd: Volcker’s chief of staff, 2009–present.
    Tyler Gellasch: legislative assistant to Senator Carl Levin, cosponsor of the Merkley-Levin Amendment, which incorporated the Volcker Rule as Section 619 of the Dodd-Frank legislation.
    Austan Goolsbee: chairman of President Obama’s Council of Economic Advisers and chief of staff of the President’s Economic Recovery Advisory Board (PERAB) during Volcker’s tenure as chairman of PERAB.
    Lyle Gramley: member of President Jimmy Carter’s Council of Economic Advisers, 1977–1980, and member of the Board of Governors of the Federal Reserve System, 1980–1985.
    Alan Greenspan: chairman, Board of Governors of the Federal Reserve System, 1987–2006.
    Robert Kavesh: classmate of Volcker’s at Harvard and close personal friend.
    Rudolph Penner: director of the Congressional Budget Office, 1983–1987.
    Charles Schultze: chairman of President Jimmy Carter’s Council of Economic Advisers.
    Robert Solow: 1987 Nobel Memorial Prize in Economics.
    Neal Soss: special assistant to Paul Volcker, 1982–1983.
    Peter Sternlight: manager for domestic operations, Federal Reserve System’s Open Market Account, during Volcker’s tenure as chairman.
    James Volcker: Paul Volcker’s son.
    Janice Volcker Zima: Paul Volcker’s daughter.
    Murray Weidenbaum: chairman of President Ronald Reagan’s Council of Economic Advisers, 1981–1982; and assistant secretary of the treasury for economic policy, 1969–1971.
Data
    The daily London gold fixing comes from the London Bullion Market Association, available at www.lbma.org.uk/goldfixg . Monthly data on inflation (measured by the Consumer Price Index) and the unemployment rate are published by the U.S. Department of Labor and were downloaded from the economic database at the Federal Reserve Bank of St. Louis, Federal Reserve Economic Data (FRED), available at research.stlouisfed.org/fred2/. The Survey of Professional Forecasters data on expected inflation come from the series maintained by the Federal Reserve Bank of Philadelphia and are available at www.phil.frb.org/research-and-data/real-time-center . Daily data for yields on U.S. Treasury securities are “constant maturities” as interpolated by the U.S. Treasury and made available through Datastream. The data on the discount rate and the daily federal funds rate come from FRED and are availableat research.stlouisfed.org/fred2/categories/118. Data on exchange rates between the U.S. dollar and the German mark, the British pound, and the Japanese yen are end-of-day quotes in New York for the spot exchange rate. The data on the

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