By Vicki Needham - 02/03/14 10:09 AM EST
Ben Bernanke started a new job on Monday after wrapping up eight years as the head of the Federal Reserve.
The former central bank chairman has joined the Brookings Institution's Economic Studies program as a distinguished fellow in residence.
“We are proud to welcome Chairman Bernanke into the Brookings family,” said Brookings President Strobe Talbott. “His firm, steady hand at the Fed’s tiller came at a crucial time in our nation’s history, including during the worst financial and economic crisis since the Great Depression."
Bernanke, who was a economics professor at Princeton and had served as a Fed governor, said he welcomes the research opportunity.
"Brookings scholars have a well-established reputation for contributing innovative ideas and trenchant analysis to economic and other public policy debates,” Bernanke said. “I welcome the opportunity to engage in that vibrant community through research and writing."
Meanwhile, Janet Yellen started her four-year tenure as head of the Fed on Monday.
Before departing the Fed, Bernanke led the start of the wind-down of its massive monthly stimulus designed to bolster economic growth.
In the past two months, the central bank cut purchases by $20 billion — $10 billion each in January and February — dropping them down to $65 billion a month.