[1] He was preceded in that position by Aubrey N. Heflin and succeeded by J. Alfred Broaddus (1993–2004) and Jeffrey Lacker (August 1, 2004 – April 4, 2017).

[6] According to Charles L. Weise, in April 1978, following President Carter's announcement of an anti-inflation package, the economist Stephen Axilrod, who was the FRB Staff Director for Monetary and Financial Policy, argued that a reduction in the target range for M1 would add credibility to the administration's inflation targets, while an increase in ranges "would not appear supportive" of the program.

[7][8] In 1990, Black, who was considered an "inflation hawk" testified in support of United States House of Representatives Joint Resolution 409, sponsored by Congressman Stephen Neal, a Democrat from North Carolina, which would have required the Federal Reserve Bank to achieve zero inflation within five years of passage.

As president of the Federal Reserve Bank of Richmond his opinion as an inflation hawk was highly respected, and he was often interviewed about the direction of the U.S.

[4] Robert P. Black's contributions to the Federal Reserve Bank of Richmond's Economic Review include: Reflections on Deposit Insurance[10] Reflections on the Strategy of Monetary Policy[11] In Support of Price Stability[12] The Fed's Anti-Inflationary Strategy: Is it Adequate?