Alan Greenspan, the longtime chairman of the United States Federal Reserve who served under four American presidents and played a key role in shaping modern U.S. economic policy, has died at the age of 100.
Greenspan passed away on Monday due to complications arising from Parkinson’s disease, according to a statement released by his wife, Andrea Mitchell, a veteran journalist.
The U.S. Federal Reserve expressed deep sorrow over his death, describing him as a transformative figure whose leadership left a lasting impact on the institution, the field of economics, and the nation as a whole.
In a statement, the central bank noted that under Greenspan’s leadership, the Federal Reserve maintained a prolonged period of price stability that supported economic growth and strengthened public confidence in the institution.
Greenspan served as the 13th Chairman of the Federal Reserve Board of Governors and led the U.S. central bank for more than 18 years, from 1987 to 2006. During his tenure, the United States experienced significant economic expansion, rising productivity, and strong financial market performance.
Appointed by President Ronald Reagan in 1987, Greenspan succeeded Paul Volcker and went on to serve under four administrations: Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush. His lengthy tenure made him one of the most influential central bankers in American history.
Despite being widely credited for guiding the U.S. economy through periods of growth and financial stability, Greenspan later faced criticism from economists and policymakers who argued that some of his policies contributed to conditions that preceded the 2008 global financial crisis.
The Federal Reserve paid tribute to his contributions to monetary policy and economic thought, describing him as a leader whose influence extended far beyond the institution he headed.
Mitchell, whom Greenspan married in 1997, remembered him as a dedicated public servant who was willing to acknowledge mistakes throughout his distinguished career.
She also reflected on one of Greenspan’s most famous contributions to economic discourse — the phrase “irrational exuberance,” which he coined in 1996 to describe excessive investor optimism that can drive asset prices beyond their true value.
The expression quickly entered the global financial vocabulary and became a warning against speculative market behaviour during a period of rapid economic growth in the United States. It remains one of the most frequently cited phrases in modern economic history.
Beyond economics, Mitchell said her husband maintained a lifelong passion for sports and music. She noted that he had his own form of “irrational exuberance” for baseball, the Washington Commanders, tennis, golf, and jazz music.
Born in New York City, Greenspan displayed exceptional mathematical ability from an early age. Although he initially pursued music studies, he later transitioned to economics, a decision that would eventually place him at the centre of American economic policymaking for nearly two decades.
His death marks the end of an era for U.S. monetary policy and the passing of one of the most influential economic figures of the modern age.
Former US Federal Reserve Chairman Alan Greenspan Dies at 100
