Alan Greenspan, the influential economist who led the United States Federal Reserve for more than 18 years and played a pivotal role in shaping modern American economic policy, has died at the age of 100.
Greenspan passed away on Monday from complications related to Parkinson’s disease, according to his wife, Andrea Mitchell, a veteran correspondent with NBC News.
Announcing his death, Mitchell described her husband as a towering figure in American economic history.
“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 said.
The Federal Reserve expressed “deep sadness” over his passing and paid tribute to his contributions to economic policy and monetary management.
“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 in a statement.
Greenspan served as the 13th chairman of the Federal Reserve Board of Governors and left a lasting influence on economic thinking and central banking in the United States and beyond.
Appointed by former President Ronald Reagan in 1987, Greenspan succeeded Paul Volcker and remained in office until January 2006. During that period, he worked under four US presidents: Reagan, George H. W. Bush, Bill Clinton, and George W. Bush.
His tenure coincided with a period of strong economic growth, low inflation, and expanding financial markets, earning him widespread recognition as one of the most influential central bankers in history.
However, Greenspan’s legacy later became the subject of debate. Critics argued that policies pursued during his leadership contributed to financial imbalances that eventually played a role in the 2008 global financial crisis.
One of Greenspan’s most enduring contributions to economic discourse was the phrase “irrational exuberance,” which he coined in 1996 to describe excessive investor optimism that can inflate asset prices beyond their underlying value.
The expression became one of the most quoted phrases in financial history and was widely used as a warning against speculative bubbles in stock markets.
Born in New York City, Greenspan displayed a strong aptitude for mathematics from an early age. Although he initially pursued studies in music, he later transitioned to economics and went on to become one of the most influential figures in Washington’s policy circles.
Beyond economics, Mitchell noted that her husband had a passion for sports and music, particularly jazz, as well as interests in baseball, tennis, golf, and the Washington Commanders football team.
