Paul Volcker was an American economist who served as the Chairman of the Federal Reserve from 1979 to 1987. He is best known for his efforts to combat high inflation in the United States during the late 1970s and early 1980s. Volcker implemented tight monetary policies, which included raising interest rates significantly, to stabilize the economy. After his tenure at the Federal Reserve, Volcker continued to influence economic policy and served in various advisory roles. He was also involved in the creation of the Volcker Rule, a financial regulation aimed at preventing excessive risk-taking by banks following the 2008 financial crisis.