Federal Reserve Chair Janet Yellen will begin work Monday morning as a distinguished fellow at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution in Washington, D.C., CNBC has learned.
In heading to Brookings, Yellen follows in the steps of former Fed Chairman Ben Bernanke and former vice chairmen Donald Kohn and Alan Blinder, along with former top Fed staffer Nellie Liang.
Yellen, 71, spent nearly 17 years in the Federal Reserve system: four as chair, four as vice chair, three as a Fed governor and six as San Francisco Fed president.
Her term ends this weekend and Jerome Powell is to be sworn in Monday as chairman of the Federal Reserve Board of Governors.
"Chair Yellen has performed a great service to her country — the economy and the American people were in good hands with her at the helm of our central bank," Brookings President John Allen said in a statement. "Yellen will continue that service through her research and activities at Brookings, and I'm proud to welcome her to the Brookings community."
The Hutchins Center seeks to "improve the quality and efficacy of fiscal and monetary policies and public understanding of them," according to the Brookings website.
"I'm delighted to be joining the Brookings Institution. I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues," Yellen said in a release from Brookings.