Alan Greenspan, the influential economist who led the U.S. Federal Reserve through nearly two decades of economic expansion, market turmoil and financial transformation, has died at the age of 100.
Greenspan passed away Monday at his home due to complications from Parkinson’s disease, according to a statement from his wife, journalist Andrea Mitchell.
Appointed by former U.S. President Ronald Reagan in 1987, Greenspan went on to serve as Federal Reserve chair under four presidents — Reagan, George H. W. Bush, Bill Clinton and George W. Bush — making him one of the longest-serving central bank leaders in American history.
His 18-year tenure coincided with the “Great Moderation,” a period marked by low inflation, strong economic growth and rising stock markets. He guided the U.S. economy through major events including the 1987 stock market crash, the Asian financial crisis, and the collapse of the dot-com bubble.
Greenspan became famous for his 1996 warning about “irrational exuberance,” a phrase that entered the financial lexicon as a caution against speculative market bubbles. He was also known for his carefully worded and often cryptic public remarks, which investors and policymakers closely analyzed for clues about future interest rate decisions.
While widely credited for helping steer the U.S. economy through years of stability and growth, Greenspan’s legacy remains debated. Critics argued that the low-interest-rate policies pursued during his final years at the Fed contributed to the housing bubble that preceded the 2008 global financial crisis and the Great Recession.
Born in New York City in 1926, Greenspan studied economics at New York University after initially pursuing music studies at the prestigious Juilliard School. He later founded an economic consulting firm and served in several Republican administrations before taking the helm of the Federal Reserve.
Following his retirement in 2006, Greenspan remained an influential voice on economic policy, often reflecting on the role of human behaviour in financial markets. He frequently argued that cycles of optimism and fear are permanent features of economic life.
Tributes poured in following news of his death. The Federal Reserve Bank of New York described his 18 years as chair as an “enduring legacy” that continues to influence generations of economists and central bankers.
Greenspan is survived by Andrea Mitchell, whom he married in 1997. His death marks the passing of one of the most consequential economic policymakers of the modern era.
