Reagan renominated Volcker in 1983.
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It doesn’t matter who was nominated. All Fed Chairmen pretty much act the same way. They all promote the incorrect theory that economic growth and wage increases cause inflation.
Every where there is high inflation you’ll find a lot of government debt combined with damage to the supply side of the economy. Zimbabwe and Venezuela are recent examples.
Significant in the United States during the 70’s that hurt the supply side of the economy was oil industry regulation and price controls.
“It doesn’t matter who was nominated. All Fed Chairmen pretty much act the same way.”
If that were true then Burns and Miller would have fought inflation in the same way that Volcker did, which they didn’t.
The prevailing Keynesian view of the 70s inflation, held by Burns and Miller, was that it was a supply shock issue. Milton Friedman’s rival monetarist argument was that inflation was an excess liquidity problem. In 1979 Volcker began implementing Friedman’s quantity of money theory and stayed with it.