Former Federal Reserve Chair Alan Greenspan, a key architect of U.S. monetary policy for nearly two decades, died at the age of 100 on Monday.

Greenspan is survived by his wife of 29 years, Andrea Mitchell. In announcing his death from complications of Parkinson’s disease, Mitchell, a chief correspondent for NBC News, described him as a towering figure who shaped the U.S. economy across multiple administrations and was candid about his mistakes.

The Legacy Of Greenspan

Alan Greenspan earned an economics degree from New York University before pursuing doctoral studies at Columbia University under future Federal Reserve Chairman Arthur Burns. He left academia in 1953 to join an economic consulting firm, later becoming its president and owner.

Greenspan entered politics as an adviser to Richard Nixon’s 1968 presidential campaign and later served as chairman of former President Gerald Ford‘s Council of Economic Advisers from 1974 to 1977, helping shape policies that contributed to a decline in inflation. After Ford left office, Greenspan returned to his consulting business and completed his Ph.D. in economics while teaching at New York University.

Alan Greenspan returned to public service when former President Ronald Reagan appointed him Federal Reserve chairman to succeed Paul Volcker. The Senate confirmed Greenspan’s nomination on Aug. 11, 1987, during Reagan’s second term.

Following the 1987 Black Monday crash, when the Dow plunged more than 22% in a single day, Alan Greenspan acted quickly to provide liquidity and stabilize financial markets. His willingness to support markets during periods of turmoil became known as the “Greenspan put.” Greenspan later gained celebrity-like status as stocks surged to record highs during the Bill Clinton administration.

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