Remembering Bob Black and Al Broaddus

The Richmond Fed recently lost two of its former presidents: Robert (Bob) P. Black and John Alfred (Al) Broaddus. Their combined tenure at the Bank spanned 50 years, from 1954 when Black first arrived as a newly minted economist to Broaddus's retirement in 2004. Both leaders guided the Bank through turbulent economic times, from the Great Inflation of the 1970s and 1980s to the Great Moderation and dot-com boom and bust of the 1990s and early 2000s. Before serving as Bank presidents, both men were economists in the Bank's research department and helped shape its model of informing monetary policy through rigorous research and debate that continues today. As presidents, Black and Broaddus were both ardent supporters of monetary policies that prioritized stable prices and low inflation — positions that were tested and refined through their engagement with Richmond Fed economists.

"Where Al and Bob were similar is that they both brought curiosity and real presence to every human interaction," says Jeffrey Lacker, who joined the Richmond Fed as an economist in 1989 and served as Bank president from 2004 to 2017 after Broaddus retired. "They treated every soul in the Bank with dignity and genuine interest. I think that played no small part in the strong culture in the Bank during the years they were in charge."

Black died on Dec. 5, 2024, and Broaddus died on Oct. 26, 2025.

Black's tenure as president began during a challenging time for the Fed. The United States had gone off the gold standard two years earlier, and inflation was on the rise. A proponent of the monetarist school of economic thought, which emphasizes the role of the supply of money in determining the price level, Black advocated for the Fed to do more to restore price stability and developed a reputation as an "inflation hawk." In 1990, he testified in support of House Joint Resolution 409, which would have required the Fed to achieve an inflation rate of zero within five years of passage.

"Bob was an inflation hawk's inflation hawk," said Broaddus in a 2024 interview. "He understood the great damage high inflation could do to our economy and society by undermining the broader public's confidence in the Fed's commitment to protecting the purchasing power of everyday people's wages and savings."

"He was committed to a personal touch in the Bank," says Lacker. "I recall how excited he was on my job interview visit to find out I was a fellow Kentuckian. That was just like him — taking delight in his humble country roots and finding a way to connect with a new acquaintance. I miss his eternal optimism and good cheer."

Broaddus succeeded Parthemos as research director in 1985, a position he held until he succeeded Black as Bank president in 1993. During his tenure as research director, Broaddus and his team of economists, led by Marvin Goodfriend, advocated increased transparency by the Fed at a time when its deliberations and decisions were largely kept behind closed doors. They argued that clear signals from monetary policymakers regarding their goals and intentions would enhance credibility, showing the public their decisions were based on sound macroeconomic arguments free from political influence.

Broaddus's principled argument gradually gained the support of his FOMC colleagues, and inflation targeting is now a fundamental principle of U.S. monetary policy. Broaddus also furthered Black's work in elevating the intellectual profile of the Richmond Fed's research department. He recruited high-caliber economists committed to cutting-edge research that shaped monetary policy debates, and he hired influential monetary and banking economists as consultants who helped create a rich environment that strengthened the Bank's reputation as a thought leader across the Federal Reserve System.