Washington D.C. [USA], Dec 9 (ANI): Paul Volcker, who served as the former chairman of the US Federal Reserve under the administrations of Jimmy Carter and Ronald Reagan in the late 1970s and early 1980s, breathed his last at the age of 92.

He died on Sunday, according to the former chairman's non-profit group --The Volcker Alliance.

Volcker headed the Fed Reserve from 1979 to 1987 and played a key role in curbing inflation rates. He was best known for using high-interest rates to reverse decades of high inflation during the recession in the late 1980s and was credited for stabilising the economy after years of skyrocketing price rises, The Hill reported.

"He set forth a vision of a public sector workforce with the experience, preparation, and commitment to ensure that government is accountable and delivers with excellence," the Volcker Alliance said in a statement.

He also served as Under Secretary of the Treasury in the 1970s, a period of historic change in international monetary arrangements. Upon leaving public service, he headed two private, non-partisan commissions on the Public Service, in 1987 and 2003.

His last official role in government service was as head of the President's Economic Recovery Advisory Board, established by then-President Barack Obama in 2008 to help steer the nation through the great recession, according to the Volcker Alliance.

In August this year, Volcker had warned that the US is "developing into a plutocracy," asserting that the country was "in a hell of a mess in every direction." (ANI)