Alan Greenspan, the influential economist who led the United States Federal Reserve for more than 18 years and helped shape modern American monetary policy, has died at the age of 100.
Greenspan passed away on Monday from complications related to Parkinson’s disease, according to a statement by his wife, veteran NBC News correspondent Andrea Mitchell.
Announcing his death, the Federal Reserve expressed “deep sadness” and paid tribute to his contributions to economic thought and monetary policy.
“Under his leadership, the Federal Reserve achieved a sustained era of price stability that supported economic growth and helped anchor the public’s confidence in the institution,” the central bank said.
Greenspan served as the 13th chairman of the Federal Reserve Board from 1987 to 2006, making him one of the longest-serving and most influential central bank chiefs in U.S. history.
He was appointed by former President Ronald Reagan and remained in office through the administrations of George H. W. Bush, Bill Clinton and George W. Bush.
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Widely credited with steering the U.S. economy through periods of expansion and stability, Greenspan became one of the most respected voices in global finance.
However, his legacy later came under scrutiny following the 2008 global financial crisis, with critics arguing that policies pursued during his tenure contributed to conditions that led to the collapse.
Mitchell described her husband as “a giant of a man” who helped shape the American economy for decades and remained willing to acknowledge mistakes.
Greenspan was also known for popularising the phrase “irrational exuberance,” which he used in a 1996 speech to warn about excessive investor optimism and soaring stock market valuations.
The expression became one of the most quoted phrases in financial history and remains associated with concerns about market bubbles.
Born in New York City, Greenspan initially studied music before turning to economics, a field in which he built a distinguished career that placed him at the centre of American policymaking for decades.
His death marks the end of an era for one of the most consequential economic figures of the late 20th and early 21st centuries.