The influential economist Alan Greenspan, who led the Federal Reserve for nearly two decades, has died aged 100, his wife has said in a statement.
NBC News journalist Andrea Mitchell, who was married to Greenspan for 29 years, said he passed away at home on Monday after complications of Parkinson’s Disease.
Greenspan was appointed Fed chairman in 1987 under Ronald Reagan and held the position until he retired in 2006.
In a statement to NBC News, Mitchell said: “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.”
“To me he was my husband, who shaped my life from our very first date in 1984. He had ‘irrational exuberance’ for baseball, the Washington Commanders, tennis, golf and music, especially jazz,” she added.
A notable proponent of free market economics, Greenspan’s tenure as Fed Chair drew praise from many during his life, including the Nobel laureate Milton Friedman, who famously described him as the central bank’s greatest chairman.
His tenure coincided with a lengthy period of economic expansion for the U.S., and he was credited with stabilizing markets following the 1987 crash and the 9/11 attacks.
And despite his legacy being associated with laissez‑faire capitalism, Greenspan’s activist approach to managing crises has helped shape the modern Fed’s role in domestic economic affairs.
This is a breaking news story. Updates to follow.
Source: newsweek.com