She was previously a senior fellow at the Center for Strategic and International Studies, where her work focused on economic competitiveness.
Musalem is currently an adjunct professor at Georgetown University, and takes up the new role on April 2.
The economics professor continues to lead the independent body.
She will leave the institution this summer to become president of Columbia University.
The Brazilian central banker assumes office on Dec. 19.
The Nobel Prize winner will give the presentation on Nov. 30.