Former Fed Chairman Bernanke joining Brookings

Washington • Ben Bernanke, who stepped down last week after eight momentous years as chairman of the Federal Reserve, is joining the Brookings Institution, a Washington think tank.

Bernanke will be a distinguished fellow in residence affiliated with Brookings' Hutchins Center on Fiscal and Monetary Policy, according to Brookings President Strobe Talbott.

Janet Yellen was sworn in Monday to succeed Bernanke at the Fed.

Bernanke had not previously disclosed his plans but had said he intended to stay in Washington and looked forward to writing and giving speeches on economic policy. Before coming to Washington, he had taught at Princeton University.

Talbot said Bernanke would be a "major contributor to the task of understanding the momentous events of the past eight years."

David Wessel, director of the Hutchins Center, said in a blog post that "we're looking forward to helping Mr. Bernanke with the book he plans to write." Wessel said he would also seek Bernanke's guidance on the center's efforts to improve understanding of the workings of the Fed.

Fed spokesman Dave Skidmore will take a one-year sabbatical from the Fed to help Bernanke with editing and research.