The Brown University economist took up the one-year appointment on July 22.
Stephen Kinsella will be seconded to the role on a part-time basis.
Yale School of Management has also promoted four other academics.
Their research specialisms range from applied economics to operations management.
He takes over leadership of Northeastern University’s economics department from professor Robert Triest.
Josh Ryan-Collins‘ research focuses on the economics of land, housing and sustainable finance.
He takes up the new post on July 1.
He is currently a senior economic policy advisor at the bank.
Woodford’s current work centers on the implications of bounded rationality for economic analysis.
Ivan Rudik has taken up an appointment at the White House Office of Science and Technology Policy.