NEW YORK CITY — Alan Greenspan died Monday at the age of 100 in New York City. He passed away at his home from complications of Parkinson's Disease, according to a statement from his wife, Andrea Mitchell.

Greenspan served five consecutive four-year terms as chairman of the Federal Reserve under four U.S. presidents. President Ronald Reagan appointed him to the position, and the Senate confirmed his nomination on August 11, 1987. His tenure as chairman concluded on January 31, 2006, making it the second-longest in the institution's history.

Born on March 6, 1926, in the Washington Heights neighborhood of New York City, Greenspan initially pursued music, attending the Juilliard School and playing jazz saxophone and clarinet in a band, including Woody Herman's jazz band. His father was a stockbroker and financial analyst. Greenspan later studied economics at New York University, earning a bachelor's degree in 1948 and a master's degree in 1950. He received a Ph.D. in economics from New York University in 1977.

Greenspan became an associate of writer Ayn Rand in the early 1950s after being introduced by his first wife, Joan Mitchell. Greenspan reflected on her influence in his 2007 memoir, stating, "Ayn Rand and I remained close until she died in 1982, and I'm grateful for the influence she had on my life." He also wrote, "I was intellectually limited until I met her."

He left Columbia University in 1953 to join an economic consulting firm that later became known as Townsend-Greenspan Co., Inc., becoming president and chief owner in 1958. This firm closed after his nomination as Federal Reserve chairman. Before his Fed chairmanship, Greenspan served as an adviser on Richard Nixon's 1968 presidential campaign and later as chairman of the Council of Economic Advisers in President Gerald Ford's administration from 1974 to 1977. Inflation decreased from 11% to 6.5% during this period, alongside tighter monetary policy from the Federal Reserve. He returned to his consulting firm and accepted an adjunct professorship at New York University in 1977.

Days after Greenspan's confirmation as Federal Reserve chairman, the Dow Jones Industrial Average fell by more than 22% on October 19, 1987. Greenspan took actions to keep financial markets liquid following the stock market decline. The U.S. economic expansion from March 1991 to the first quarter of 2001 occurred during his leadership at the Federal Reserve.

In a December 5, 1996, speech, Greenspan questioned market valuations. He asked, "How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?" Following these comments, the Tokyo stock market fell 3%. Mitchell stated, "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." She added, "He had 'irrational exuberance' for baseball, the Washington Commanders, tennis, golf and music, especially jazz."