Paul Adolph Volcker (born September 5, 1927), economist, is best-known as the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2 percent by 1983 and has remained low ever since. The transition from Keynes-based policy to monetarist-based policy was a painful one, however, as it precipitated the signifiant recession the US economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression. The unprecedented growth the US economy subsequently enjoyed over the next 25 years, however, has more than validated Volker's policies, which were continued by his successor at the Fed, Alan Greenspan.