RIP Paul Volcker: Till there is macroeconomics, you will be remembered

My obituary to Paul Volcker. Rest in Peace Sir.

Volcker not just entered macroeconomics hall of fame but made a permanent place for himself. Former Fed chair Ben Bernanke paid tributes to Friedman on his 90th birthday saying: “I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”

On Volcker’s death, taking a cue from Bernanke’s words, all the central bankers in the world — past and present — can give a joint statement: “We would like to say to Paul, regarding cause of inflation, you’re right, we did it. We’re very sorry. But thanks to you, we will try our best not to do it again.”

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