After stepping down from his former position as chairman of the Federal Reserve last Friday, former Princeton professor Ben Bernanke joined the Brookings Institution as a distinguished fellow in residence in the economic studies program.

Bernanke had served as chairman of the Federal Reserve since 2006. During his tenure, he oversaw the administration's response to the 2007-09 financial crisis and tried to foster recovery by buying large numbers of bonds.

Bernanke had served as a tenured professor in Princeton's economics department, chairing the department from 1996 until he left in 2002 to join the Board of Directors of the Federal Reserve. He ultimately left his position in 2005 but returned to Princeton to speak at the Baccalaureate ceremony for the Class of 2013.

At the Brookings Institute, Bernanke plans to write a book about his time at the Federal Reserve. The Brookings Institution announced that he would also contribute to an initiative on government economic policy.

Janet Yellen, former vice chair of the Federal Reserve, succeeded Bernanke as chairman on Monday.

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