Fike photo: Former U.S. Federal Reserve Chairman Paul Volcker testifies at a hearing before the Financial Institutions and Consumer Protection Subcommittee of Senate Banking, Housing and Urban Affairs Committee in Washington D.C., the United States, on May 9, 2012. (Xinhua/Fang Zhe)

Former US Federal Reserve Chairman Paul Volcker has died at the age of 92, US media reported on Monday.

Volcker died on Sunday in New York, which was confirmed by his daughter Janice Zima, The New York Times reported. The NPR said he was reportedly suffering from prostate cancer.

Volcker worked in the US federal government for almost 30 years, culminating in two terms as chairman of the board of governors of the Federal Reserve System from 1979-1987, "a critical period in bringing a high level of inflation to an end," according to the Volcker Alliance, an advocacy group aimed at advancing effective management of government founded by the former central bank chief.

Former US President Jimmy Carter said in a statement Monday that former first lady Rosalynn and he "are deeply saddened" to learn of the passing of Paul Volcker, "whose economic acumen made him a giant of public service."

"Paul was as stubborn as he was tall, and although some of his policies as Fed chairman were politically costly, they were the right thing to do," said Carter, who chose Volcker to be the Fed's chairman in 1979. "We are grateful for his service to our country. We extend our condolences to his loved ones," said the former US president.

Fed Chairman Jerome Powell said "I am deeply saddened" by the passing of Paul Volcker. "He believed there was no higher calling than public service. His life exemplified the highest ideals -- integrity, courage, and a commitment to do what was best for all Americans," Powell said in a statement.

"His contributions to the nation left a lasting legacy," said Powell. "My colleagues and I at the Federal Reserve mourn this loss and send our condolences to his family."

After the 2008 financial crisis, Volcker led former President Obama's Economic Recovery Advisory Board, and pushed for tighter restrictions on big banks, which sought to ban them from making risky investments, known as the "Volcker Rule."

In the earlier stages of his career, Volcker served as Undersecretary of the Treasury for Monetary Affairs during the early 1970s, and he was subsequently president of the Federal Reserve Bank of New York, according to his resume page on Volcker Alliance's website. He was educated at Princeton, Harvard, and the London School of Economics.