Alan Greenspan, the former chairman of the US Federal Reserve who dominated global economic policy for nearly two decades, has died at the age of 100.
His wife, Andrea Mitchell, a correspondent for NBC News, confirmed that he died at home following complications related to Parkinson’s disease. In a statement, she said: “He was a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes. To me he was my husband, who shaped my life from our very first date in 1984.”
Born in New York City on 6 March 1926, Greenspan served as the 13th chairman of the Federal Reserve from 1987 to 2006 – the second-longest tenure in the institution’s history. He was nominated by President Ronald Reagan and reappointed by Presidents George H.W. Bush, Bill Clinton and George W. Bush, guiding the world’s most powerful central bank from the end of the Cold War into the digital age.
Federal Reserve tenure and economic impact
Throughout his leadership, Greenspan was responsible for safeguarding the resilience of the dollar and supporting the growth of the US economy. The Federal Reserve said in a statement: “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.” This period of stable growth and low inflation became known as the “Great Moderation,” for which he received wide credit.
Yet his legacy has also been significantly shaped by criticism. Greenspan faced intense scrutiny for overseeing a relaxed approach to credit that contributed to the dot-com bubble of the late 1990s and later to the sub-prime mortgage crisis linked to the 2008 global financial crash. A pivotal moment came in a 1996 speech, when he coined the phrase “irrational exuberance” to describe the potential overvaluation of stock market assets – a warning that became widely recognised even as markets continued to climb for several more years.
Before his tenure at the Fed, Greenspan spent three decades running an economic consultancy, heading Townsend-Greenspan & Co. He also served as chairman of the Council of Economic Advisers under President Gerald Ford from 1974 to 1977.
Personal life and later years
In his later years, Greenspan wrote books and appeared as a commentator on US news programmes. His wife’s statement recalled his personal interests: “He had ‘irrational exuberance’ for baseball, the Washington Commanders, tennis, golf and music, especially jazz.” He had studied clarinet and saxophone at the Juilliard School and, in his youth, was a devoted follower of the philosopher Ayn Rand.
Greenspan’s first marriage, to artist Joan Mitchell, was annulled shortly after. He married Andrea Mitchell in 1997, with Supreme Court Justice Ruth Bader Ginsburg officiating. The couple lived in both New York City and Washington, D.C.
The Federal Reserve’s statement added: “Chairman Greenspan’s legacy endures at the Federal Reserve in those he mentored directly, in the economists and public servants he inspired, and in the frameworks and practices he helped shape. The Federal Reserve extends its deepest condolences to his wife, Andrea Mitchell, and to his family.”
