WASHINGTON — Ben Bernanke, who stepped down Friday as chairman of the Federal Reserve, has moved across town to the Brookings Institution, a research institute that is strengthening its focus on monetary policy.
Bernanke, 60, has joined the economic studies program at Brookings as a distinguished fellow in residence, the institute said Monday.
“Brookings scholars have a well-established reputation for contributing innovative ideas and trenchant analysis to economic and other public policy debates,” Bernanke said in a statement released by Brookings. “I welcome the opportunity to engage in that vibrant community through research and writing.”
Bernanke’s successor at the Fed, Janet Yellen, was sworn in Monday by Daniel Tarullo, the longest-serving member of the board of governors.
The prominent hiring of Bernanke is a coup for Brookings, which recently secured $10 million in financing to create a center focused on fiscal and monetary policy. But it did not come as a surprise. Bernanke had said that he planned to stay in Washington after leaving the Fed, and Brookings has a history of close ties with the Fed.
Its fellows include Donald Kohn, who served as the Fed’s vice chairman during Bernanke’s first term, and Alice Rivlin, a Fed vice chairwoman during the 1990s.
Bernanke’s predecessors as Fed chairman, including Alan Greenspan and Paul Volcker, mostly came from the business world and returned to it. But Bernanke has never worked in that world. He was a professor of economics at Princeton before he joined the Fed’s board of governors in 2002.