Robert P. Black

Robert P. Black
Born	(1927-12-21) December 21, 1927 Fulton County, Kentucky, U.S.
Died	December 5, 2024(2024-12-05) (aged 96) Richmond, Virginia, U.S.
Occupation	Economist
Years active	1950s–1992
Known for	President of the Federal Reserve Bank of Richmond (1973–1992)

Robert P. Black (December 21, 1927 – December 5, 2024) was a distinguished American economist who served as the fifth president of the Federal Reserve Bank of Richmond, overseeing the Fifth District of the Federal Reserve System from 1973 until 1992. He followed Aubrey N. Heflin in this role and was succeeded by J. Alfred Broaddus and later Jeffrey Lacker.

Education and teaching

Following his service in the United States Army, Black pursued higher education at the University of Virginia, where he earned his bachelor's, master's, and doctoral degrees in economics. While initiating his career at the Richmond Fed, he completed his Ph.D. dissertation in 1954. In 1955, he spent a year teaching at the University of Tennessee.

Career and community activities

Black's career at the Richmond Fed progressed from assistant vice president to first vice president before his appointment as president. Together with his successors J. Alfred Broaddus and Jeffrey Lacker, he provided reflections on shifts in economic conditions, banking practices, and the growth of Richmond during their respective leadership periods.

In response to President Carter's anti-inflation initiatives in April 1978, Black advocated for the Federal Open Market Committee to focus on combating inflation, capitalizing on widespread political support. Subsequently, the Federal Reserve implemented tighter monetary measures that summer, resulting in federal funds rates increasing more rapidly than inflation for the first time since 1974.

Recognized as an "inflation hawk," Black testified before Congress in 1990 endorsing a House resolution aimed at achieving zero inflation within five years. As the inaugural economist to lead the Richmond Fed, his perspectives on national economic policy were highly respected and frequently consulted by media outlets.

Outside his Federal Reserve responsibilities, Black held board positions with organizations such as Richmond Eye and Ear Hospital, Retreat Health Systems, Virginia Inter-Government Institute, and Virginia Economic Recovery Commission. He also served on advisory committees for the Health Corporation of Virginia, University of Virginia’s Center for Advanced Studies, and J. Sargeant Reynolds Community College Educational Foundation. Additionally, he took leadership roles with Capital Area Assembly, Academy for Economic Education, and Virginia United Methodist Homes.

Death

Black passed away peacefully in his sleep at his residence in Richmond on December 5, 2024, aged 96. His final resting place is Hollywood Cemetery.

Publications and speeches

Throughout his presidency at the Federal Reserve Bank of Richmond, Robert P. Black authored numerous articles for the bank’s Economic Review, including notable pieces such as:

• Jan/Feb 1991 – Reflections on Deposit Insurance
• Jul/Aug 1990 – Reflections on the Strategy of Monetary Policy
• Jan/Feb 1990 – In Support of Price Stability
• Sep/Oct 1987 – The Fed's Anti-Inflationary Strategy: Is it Adequate?
• Jul/Aug 1984 – The Fed's Mandate: Help or Hindrance?
• Sep/Oct 1981 – Monetary Policy – The Possible and the Impossible

His contributions significantly shaped discussions around monetary policy during his tenure.