Vale Alan Greenspan

Former Federal Reserve chair Alan Greenspan has passed away, aged 100.

Greenspan was nominated to chair the Fed by then-President Ronald Regan in 1987 and served under four Presidents in the position until 2006.

During his tenure at the Fed he oversaw periods of both significant economic expansion and periods of considerable stress.

The Fed released a statement noting the institution's "deep sadness" around Greenspan's passing.

"His contributions to monetary policy and economic thought left a lasting mark on this institution, on the broader field of economics, and on the country," the Fed said.

"Under his leadership, the Federal Reserve achieved a sustained era of price stability that supported economic growth and helped anchor the public's confidence in the institution.

"He brought rigorous analytical discipline to monetary policymaking and helped establish the credibility that remains one of the Federal Reserve's most important assets."

Greenspan was born in New York and initially studied music at Julliard before entering the field of economics. He studied economics at New York University in 1945 where he eventually earned his PhD.

He served under President's of both the democratic and republican parties. His supporters often praised him for his steady hand, but others blame him for the 2008 Global Financial Crisis, claiming he had been naïve or failing to rein in markets prior to his departure from the US central bank.

Greenspan's wife, whom he married in 1997, Andrea Mitchell announced his death.

"Alan passed away at our home this morning at the age of 100 from complications of Parkinson's disease," Mitchell said.

"He was a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes".