A study revealed that while the unemployment rates among whites declined from 7.8 to 6.4 percent, unemployment among African Americans failed to show any reduction. A further study done by senior Carter Administration Treasury Official Emil Sunley and economist Ned Gramlich stated that the bill had little effect. The bill resulted in heavy inflation that led to the eventual recession in 1980. The period was later known as the time of Stagflation, where both inflation and recession occurred at the same time. The administration’s focus on full employment led to the country’s eventual problem of inflation. Carter’s aides were aware of the inflation problem when they entered office in 1977, but they thought they were able to control it. Carter’s aggressive fiscal and monetary policies called for an increase of money supply by the Federal Reserve. This led to a spike in inflation, climbing to 13.3 percent in two years. Even though there was a rise in inflation, unemployment failed to decrease, resulting in a period of high prices and unemployment. It took Paul Volcker, the 12th Federal Reserve Chairman, to bring inflation back down with the “Volcker Shock”. The strategy implemented, led to the raised interest rates and limiting the country’s liquidity to bring down inflation.