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Stanley Fischer, a respected figure in global economic policy and financial crisis management, has died at his home in Lexington, Mass., at the age of 81. Fischer's career spanned numerous high-profile roles, including vice chairman of the Federal Reserve and the International Monetary Fund (I.M.F.), as well as head of Israel's central bank.

Fischer's tenure at Israel’s central bank from 2005 to 2013, and as vice chairman of the Federal Reserve Board from 2014 to 2017, marked significant periods of economic turbulence. He was at the forefront of quelling financial panics in multiple regions, including Mexico, Russia, Asia, and Latin America, during his service at the I.M.F. from 1994 to 2001.

As a professor at M.I.T., Fischer mentored a generation of future economic leaders. His students, such as Ben S. Bernanke, who later chaired the Federal Reserve, Mario Draghi, president of the European Central Bank, and Kazuo Ueda, governor of the Bank of Japan, have carried forward his legacy in economic thought and policy.

Fischer's influence extended beyond his immediate academic circle. His work significantly contributed to the New Keynesian economics, which advocated for strategic government intervention in the economy. His 1977 paper, "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," was instrumental in shaping modern understanding of economic policy's impact on employment and inflation.

Throughout his career, Fischer’s diplomatic and consensus-seeking nature was highly regarded. Even amidst intellectual divides in the field of macroeconomics, he maintained an openness to diverse viewpoints, which helped shape a more collaborative approach to economic policy-making. His ability to swiftly mediate crises was evident in 1998 when he negotiated a rescue package for Russia while on vacation on Martha's Vineyard, exemplifying his dedication and deft crisis management skills.

Fischer's contributions were not limited to his strategic roles in international financial institutions. He also served as chief economist of the World Bank in the late 1980s and was vice chairman of Citigroup in the early 2000s. Although his bid to lead the I.M.F. in 2011 was unsuccessful due to age restrictions, his career remained marked by significant achievements and unwavering vigor.

Fischer’s legacy is also remembered for his time as head of the Bank of Israel, where he skillfully navigated the country through the global financial crisis of 2008-09, using measures like cutting interest rates and regulating the shekel’s value. His work earned him recognition and gratitude from the Israeli public.

Stanley Fischer’s life and work have left an indelible mark on the landscape of global economics, influencing both policy and the careers of many prominent economists. His passing marks the end of a remarkable era in economic thought and crisis management.