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Yes, and Reagan benefited in a big way from taking over at the right time.
Volcker collapsed the economy by raising interest rates in 1979. This worked as intended, driving inflation from 15% down to just 3% four years later. But of course it weakened the economy too. Just in time for the 1980 Presidential election, which Reagan won easily.
The economy continued to suck until 1982. But Volcker's bitter medicine cured the patient, and by the 1984 election, the US economy was experiencing terrific growth with low inflation. Reagan wiped the floor with Mondale, taking a record 49 states.
Boomer conservatives want Trump to be like Reagan. But they can't recreate the magical conditions that allowed him to thrive. Both parties today want the other party to take the bitter medicine.
Hiking interest rates had little to do with Volcker ending inflation during stagflation as latter economists have pointed out. His actions did cause the rate of inflation to fall off at best, but his actions otherwise had little to do with it.
The cause of the stagflation in the 70’s happened due to a credit bubble bursting when the economy was at its peak, while high wage and oil price rises caused the inflation. Inflation was brought down by falling global energy and oil prices alongside a brutal recession that happened purely by accident.
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