Alan Greenspan, the influential economist who led the United States Federal Reserve for more than 18 years and played a central role in shaping American economic policy across four presidential administrations, has died at the age of 100….
By: AFP
Alan Greenspan, the influential economist who led the United States Federal Reserve for more than 18 years and played a central role in shaping American economic policy across four presidential administrations, has died at the age of 100.
His death was announced on Monday by his wife, veteran NBC News correspondent Andrea Mitchell, who disclosed that Greenspan died from complications related to Parkinson’s disease.
Greenspan headed the Federal Reserve from 1987 until January 2006, making him one of the longest-serving chairmen in the institution’s history. During his tenure, he guided the US economy through periods of remarkable expansion and low inflation, earning widespread acclaim as a key architect of modern American economic growth.
In a statement mourning his passing, the Federal Reserve expressed “deep sadness” and praised his enduring influence on monetary policy and economic thinking.
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The central bank said, “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.”
“He was a giant of a man who helped shape the U.S. economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes,” she added.
The Fed on Monday expressed “deep sadness” at Greenspan’s passing, lauding his contributions to “monetary policy and economic thought,” according to a statement.
Greenspan served as the 13th chairman of the Fed Board of Governors and “left a last mark on this institution, on the broader field of economics, and on the country,” it said.
Mitchell, who married Greenspan in 1997, also highlighted what became her husband’s most quoted expression, “irrational exuberance,” a phrase Greenspan coined in 1996 to describe investor enthusiasm and economic optimism that can drive asset prices above their value.
The term became a catchphrase warning of an overheated stock market during a period of runaway American growth, when emotion and fear of missing out often trumped hard corporate data.
“He had ‘irrational exuberance’ for baseball, the Washington Commanders, tennis, golf, and music, especially jazz,” Mitchell said.
A native New Yorker who excelled at math as a child but initially studied music before pivoting to economics, Greenspan spent decades in the inner circles of power in Washington.
Ronald Reagan named Greenspan to serve as chair of the Federal Reserve in 1987, replacing anti-inflation crusader Paul Volcker.
It was a position he would hold until January 2006, serving under four presidents — Reagan, George H.W. Bush, his Democratic successor Bill Clinton, and George W. Bush.
