Outgoing Treasury Secretary Lawrence H. Summers has accepted a job at the Brookings Institute, the think tank announced this week, but his new job will not remove him from consideration for the Harvard presidency.

Summers' contract is more open-ended to allow him flexibility to take on other posts and will not prevent him from taking over from President Neil L. Rudenstine in June if he is selected.

Summers has been appointed the Arthur Okun Distinguished Fellow in Economics, Globalization and Governance at the Brookings Institute, one of the nation's preeminent liberal think tanks.

Robert Litan, the director of Brookings' economic studies program who recruited Summers to the institute, said Brookings understands Summers may leave the institute for another post.

"We have an understanding that he will continue to be open to other offers," Litan said. "We'll take it one day at a time."

"We know he's a leading candidate for the Harvard presidency, as well as someone any number of Wall Street companies would love to get their hands on," added Litan, who said he had not discussed Summer's presidential prospects with him.

Instead of the standard yearlong appointment that the institute normally grants, Summers' post is completely open-ended, Litan said, designed with the understanding that he is unsure of his long-term plans.

"If he were to be chosen [as Harvard president] he's not under any contractual obligation--there would be no hindrance to him leaving," added Ron Nessen, Brookings' vice president for communication.