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Paul Volcker: “The only number that works is zero”

New Books in Economic and Business History

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Navigating Economic Turbulence

This chapter examines the pivotal career of an influential American economist through three significant phases: the Treasury, the Federal Reserve, and the 2008 financial crisis. It explores critical decisions regarding the dollar's convertibility, inflation management, and the formulation of the Volcker Rule, placing emphasis on the balance between personal beliefs and economic strategies. Additionally, the chapter highlights the intricate relationships and challenges faced by key figures, particularly the dynamics between Arthur Burns and Paul Volcker in addressing inflation and public trust in government.

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