Daily Almanac for
Jan 16, 2009
Search White Pages
Info search tips
Bio search tips

Encyclopedia

Greenspan, Alan

Greenspan, Alan, 1926–, American economist, chairman of the Federal Reserve Board (1987–2006), b. New York City. Influenced by the philosophy of Ayn Rand, Greenspan is a strong supporter of the free market and an opponent of government intervention in the economy. He was private economic consultant (1954–74, 1977–87) and served (1974–77) as chairman of the Council of Economic Advisers during the administration of President Gerald Ford. From 1981 to 1983 he also chaired the bipartisan National Commission on Social Security Reform, which restructured the financing of the U.S. social security system to help assure its solvency.

In 1987 President Ronald Reagan appointed him chairman of the Federal Reserve System, replacing Paul Volcker. Reappointed by Presidents George H. W. Bush, Bill Clinton, and George W. Bush, he served in the office for nearly two decades. As Federal Reserve chairman, he earlier emphasized controlling inflation over promoting economic growth, but by 2003 a prolonged economic slowdown had shifted concern to possible deflation. During the 10-year expansion that began in 1991, Greenspan won widespread praise for what was regarded as the deft manipulation of interest rates, but the cutting of rates to historic lows during the 2001–3 slowdown only gradually produced the desired growth. A side effect, however, of the historically low interest rates was a significant increase in housing prices (in some parts of the country) and consumer indebtedness, both of which contributed to economic difficulties after Greenspan retired as Federal Reserve Board chairman in 2006. Since retiring, he has headed an economic consulting firm and served in a number of advisory positions.

See his The Age of Turbulence (2007); D. B. Sicilia and J. L. Cruikshank, The Greenspan Effect (1999); J. Martin, Greenspan: The Man behind Money (2000); B. Woodward, Maestro: Greenspan's Fed and the American Boom (2000).

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.

    • Cite
    • Print
    • Bookmark

More on Alan Greenspan from Infoplease:

  • Alan Greenspan, - Alan Greenspan, chairman of the Federal Reserve, has been frequently in the news during a year ...
  • Alan Greenspan - Biography of Alan Greenspan, Chairman of the U.S. Federal Reserve Board of Governors, 1987-2006
  • 401Kafe.com: Learn More About the Fed and Alan Greenspan - Personal Finance Learn More About the Fed and Alan Greenspan By Brenda Watson Newmann Senior Editor ...
  • Business and Finance - Infoplease is the world's largest free reference site. Facts on personal finance, taxes, starting your own business, consumer resources, and the economy.
  • Business and Finance - Infoplease is the world's largest free reference site. Facts on personal finance, taxes, starting your own business, consumer resources, and the economy.

See more Encyclopedia articles on: Economics: Biographies


Premium Partner Content
HighBeam Research

Related content from HighBeam Research on: Alan Greenspan

Alan Greenspan: The Oracle Behind the Curtain.(Book review) (Journal of Economic Issues)

Exit The Maestro: The Economy Owes Much To His Deft Handling Of Inflation.(Alan Greenspan, outgoing chairman of the Federal Reserve Board) (U.S. News & World Report)

Irrational annoyance: there are many things to blame Alan Greenspan for. The '90s stock bubble isn't one of them.(Bubble Man: Alan Greenspan and the Missing 7 Trillion Dollars)(Book review) (Washington Monthly)

The Idolizing of Greenspan: Has faith in his infallibility led firms, investors and consumers to take dangerous risks?(Judgment Calls)(Business)(Alan Greenspan) (Newsweek)

Taking delight in deception: former Federal Reserve Chairman Alan Greenspan admits deception, but Big Media embraces his "purposeful obfuscation" and continues gushing adoration.(ECONOMY) (The New American)

Maestro: one-time jazz musician Alan Greenspan has conducted the economic orchestra with a combination of facts and intuition, producing a melody of stability and prosperity.(stepping down from Federal Reserve Board) (ABA Banking Journal)

No recount at the Fed; Alan Greenspan at the Fed.(Books and Arts)(Alan Greenspan makes an unlikely cult hero. Two new books examine how the chairman of the Federal Reserve became Mammon's own deity)(Review) (The Economist (US))

Outing Alan Greenspan (Dollars & Sense)

The Fed & Alan Greenspan.(Correction, Please!)(Correction Notice) (The New American)

No Controlling Authority.(role of Federal Reserve System chairman Alan Greenspan in manipulation of economic cycles) (Reason)

Additional search results provided by HighBeam Research, LLC. © Copyright 2005. All rights reserved.