Alan Greenspan's wife confirmed in a statement that the influential economist died on Monday. He served as chairman of the Federal Reserve five times and was in charge of U.S. monetary policy during four U.S. presidential terms.
From the end of the Cold War to the dawn of the digital age, Greenspan profoundly shaped the trajectory of modern American capitalism. During his tenure at the Federal Reserve, he witnessed the longest economic expansion cycle in U.S. history, which lasted from 1991 to 2001. However, many critics accuse him of laying the foundation for the 2007-2008 global financial crisis through many of his policies, such as advocating deregulation of the financial industry.
Mitchell said in a statement: "Alan passed away at home this morning at the age of 100. The cause of death was multiple complications caused by Parkinson's disease."
"He is a giant of the times who has profoundly influenced the direction of the U.S. economy during the decades when many presidents from both parties were in power. At the same time, he has always been honest about the decision-making mistakes he made," she said.