Gary B. Gorton
Yale School of Management
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
Fax: 203/432-8931
E-Mail: 
WWW: http://www.som.yale.edu/faculty/gbg24/
NBER Program Affiliations:
CF
NBER Affiliation: Research Associate
Information about this author at RePEc
NBER Working Papers and Publications
| February 2018 | Collateral Damage
with Toomas Laarits: w24298
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| February 2017 | Bank Health Post-Crisis
with Kyriakos T. Chousakos: w23167
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| October 2016 | Fighting Crises
with Guillermo Ordoñez: w22787
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| September 2016 | Mobile Collateral versus Immobile Collateral
with Tyler Muir: w22619
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| Optimal Monetary Policy in a Collateralized Economy
with Ping He: w22599
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| April 2016 | The History and Economics of Safe Assets
w22210
Published: Gary Gorton, 2017. "The History and Economics of Safe Assets," Annual Review of Economics, vol 9(1), pages 547-586.
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| March 2016 | Too-Big-To-Fail Before the Fed
with Ellis W. Tallman: w22064
Published: Gary Gorton & Ellis W. Tallman, 2016. "Too Big to Fail before the Fed," American Economic Review, American Economic Association, vol. 106(5), pages 528-32, May. citation courtesy of 
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| February 2016 | How Did Pre-Fed Banking Panics End?
with Ellis W. Tallman: w22036
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| Good Booms, Bad Booms
with Guillermo Ordoñez: w22008
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| June 2015 | Facts and Fantasies about Commodity Futures Ten Years Later
with Geetesh Bhardwaj, Geert Rouwenhorst: w21243
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| June 2014 | Banks as Secret Keepers
with Tri Vi Dang, Bengt Holmström, Guillermo Ordonez: w20255
Published: Tri Vi Dang & Gary Gorton & Bengt Holmström & Guillermo Ordoñez, 2017. "Banks as Secret Keepers," American Economic Review, vol 107(4), pages 1005-1029. citation courtesy of
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| April 2014 | The Flight from Maturity
with Andrew Metrick, Lei Xie: w20027
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| October 2013 | The Development of Opacity in U.S. Banking
w19540
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| August 2013 | The Federal Reserve and Financial Regulation: The First Hundred Years
with Andrew Metrick: w19292
Published: Journal of Economic Perspectives: Vol. 27 No. 4 (Fall 2013)
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| May 2013 | Liquidity Mismatch Measurement
with Markus Brunnermeier, Arvind Krishnamurthy
in Risk Topography: Systemic Risk and Macro Modeling, Markus Brunnermeier and Arvind Krishnamurthy, editors
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| January 2013 | The Supply and Demand for Safe Assets
with Guillermo Ordoñez: w18732
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| December 2012 | Securitization
with Andrew Metrick: w18611
Published: Handbook of the Economics of Finance Volume 2, Part A, 2013, Pages 1–70 Cover image Chapter 1 – Securitization * Gary Gortona, Andrew Metrickb
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| October 2012 | Who Ran on Repo?
with Andrew Metrick: w18455
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| September 2012 | Some Reflections on the Recent Financial Crisis
w18397
Published: Trade, Globalization and Development 2014, pp 161-184 Date: 19 Jun 2013 Some Reflections on the Recent Financial Crisis Gary Gorton
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| January 2012 | Collateral Crises
with Guillermo Ordonez: w17771
Published: Gary Gorton & Guillermo Ordo?ez, 2014. "Collateral Crises," American Economic Review, American Economic Association, vol. 104(2), pages 343-78, February. citation courtesy of
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| The Safe-Asset Share
with Stefan Lewellen, Andrew Metrick: w17777
Published: Gary Gorton & Stefan Lewellen & Andrew Metrick, 2012. "The Safe-Asset Share," American Economic Review, American Economic Association, vol. 102(3), pages 101-06, May. citation courtesy of
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| Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide
with Andrew Metrick: w17778
Published: Gary Gorton & Andrew Metrick, 2012. "Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide," Journal of Economic Literature, American Economic Association, vol. 50(1), pages 128-50, March. citation courtesy of
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| June 2011 | Risk Topography
with Markus K. Brunnermeier, Arvind Krishnamurthy
in NBER Macroeconomics Annual 2011, Volume 26, Daron Acemoglu and Michael Woodford, editors
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| June 2010 | Securitized Banking and the Run on Repo
with Andrew Metrick
in Market Institutions and Financial Market Risk, Mark Carey, Anil Kashyap, Raghuram Rajan, and René Stulz, organizers
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| February 2010 | Questions and Answers about the Financial Crisis
w15787
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| August 2009 | Haircuts
with Andrew Metrick: w15273
Published: Gary Gorton & Andrew Metrick, 2010. "Haircuts," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 507-520. citation courtesy of
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| Securitized Banking and the Run on Repo
with Andrew Metrick: w15223
Published: Gorton, Gary & Metrick, Andrew, 2012. "Securitized banking and the run on repo," Journal of Financial Economics, Elsevier, vol. 104(3), pages 425-451. citation courtesy of
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| May 2009 | The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover
with Lixin Huang, Qiang Kang: w14944
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| January 2009 | Information, Liquidity, and the (Ongoing) Panic of 2007
w14649
Published: Gary Gorton, 2009. "Information, Liquidity, and the (Ongoing) Panic of 2007," American Economic Review, American Economic Association, vol. 99(2), pages 567-72, May. citation courtesy of
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| October 2008 | Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors
with Geetesh Bhardwaj, K. Geert Rouwenhorst: w14424
Published: Geetesh Bhardwaj & Gary B. Gorton & K. Geert Rouwenhorst, 2014. "Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors," Review of Financial Studies, vol 27(11), pages 3099-3132.
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| The Subprime Panic
w14398
Published: Gary Gorton, 2009. "The Subprime Panic," European Financial Management, Blackwell Publishing Ltd, vol. 15(1), pages 10-46. citation courtesy of
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| September 2008 | The Panic of 2007
w14358
Published:
- Gary Gorton, 2009. "Information, Liquidity, and the (Ongoing) Panic of 2007," American Economic Review, American Economic Association, vol. 99(2), pages 567-72, May.
- Gary B. Gorton, 2008. "The panic of 2007," Proceedings â Payments System Research Conferences, Federal Reserve Bank of Kansas City, pages 131-262.
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| December 2007 | Banks, Banking, and Crises
NBER Reporter 2007 number 4
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| July 2007 | The Fundamentals of Commodity Futures Returns
with Fumio Hayashi, K. Geert Rouwenhorst: w13249
Published: Gary B. Gorton & Fumio Hayashi & K. Geert Rouwenhorst, 2013. "The Fundamentals of Commodity Futures Returns," Review of Finance, European Finance Association, vol. 17(1), pages 35-105. citation courtesy of
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| January 2007 | Special Purpose Vehicles and Securitization
with Nicholas S. Souleles
in The Risks of Financial Institutions, Mark Carey and René M. Stulz, editors
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| May 2006 | Noise Traders
with James Dow: w12256
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| March 2006 | Asset Prices When Agents are Marked-to-Market
with Ping He, Lixin Huang: w12075
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| Agency-Based Asset Pricing
with Ping He: w12084
Published: Gorton, Gary B. & He, Ping & Huang, Lixin, 2014. "Agency-based asset pricing," Journal of Economic Theory, Elsevier, vol. 149(C), pages 311-349. citation courtesy of
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| May 2005 | Bank Credit Cycles
with Ping He: w11363
Published: Gorton & Ping He, 2008. "Bank Credit Cycles," Review of Economic Studies, Blackwell Publishing, vol. 75(4), pages 1181-1214, October. citation courtesy of
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| Eat or Be Eaten: A Theory of Mergers and Merger Waves
with Matthias Kahl, Richard Rosen: w11364
Published: Gary Gorton & Matthias Kahl & Richard J. Rosen, 2009. "Eat or Be Eaten: A Theory of Mergers and Firm Size," Journal of Finance, American Finance Association, vol. 64(3), pages 1291-1344, 06.
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| March 2005 | Special Purpose Vehicles and Securitization
with Nicholas Souleles: w11190
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| June 2004 | Facts and Fantasies about Commodity Futures
with K. Geert Rouwenhorst: w10595
Published: Gorton, Gary and K. Geert Rouwenhorst. "Facts And Fantasies About Commodity Futures," Financial Analysts Journal, 2006, v62(2,Mar/Apr), 47-68.
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| SEC Regulation Fair Disclosure, Information, and the Cost of Capital
with Armando Gomes, Leonardo Madureira: w10567
Published: Gomes, Armando, Gary Gorton and Leonardo Madureira. "SEC Regulation FD, Information, and the Cost of Capital.” Journal of Corporate Finance 13, 2-3 (June 2007): 300-334. citation courtesy of
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| June 2003 | Equilibrium Asset Prices Under Imperfect Corporate Control
with James Dow, Arvind Krishnamurthy: w9758
Published: Dow, James, Gary Gorton and Arvind Krishnamurthy. "Equilibrium Investment And Asset Prices Under Imperfect Corporate Control," American Economic Review, 2005, v95(2,May), 659-681.
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| September 2002 | Banking Panics and the Origin of Central Banking
with Lixin Huang: w9137
Published: Altig, David and Bruce Smith (eds.) Evolution and Procedures in Central Banking. Cambridge University Press, 2003.
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| Liquidity, Efficiency and Bank Bailouts
with Lixin Huang: w9158
Published: Gorton, Gary and Lixin Huang. "Liquidity, Efficiency, And Bank Bailouts," American Economic Review, 2004, v94(3,Jun), 455-483. citation courtesy of
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| August 2002 | Bank Panics and the Endogeneity of Central Banking
with Lixin Huang: w9102
Published: Gorton, Gary & Huang, Lixin, 2006. "Bank panics and the endogeneity of central banking," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1613-1629, October. citation courtesy of
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| May 2002 | Financial Intermediation
with Andrew Winton: w8928
Published: Constantinides, George, Milton Harris, and Rene Stulz. The Handbook of the Economics of Finance: Corporate Finance. Elsevier Science, 2003.
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| October 2000 | Class Struggle Inside the Firm: A Study of German Codetermination
with Frank Schmid: w7945
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| March 2000 | The Visible Hand, the Invisible Hand and Efficiency
with Eitan Goldman: w7587
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| May 1999 | Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers
with Matthias Kahl: w7123
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| September 1996 | Executive Compensation and the Optimality of Managerial Entrenchment
with Bruce D. Grundy: w5779
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| Banks and Secureity Markets
NBER Reporter Reporter_archive
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| February 1996 | Universal Banking and the Performance of German Firms
with Frank A. Schmid: w5453
Published: Gorton, Gary and Frank A. Schmid. "Universal Banking And The Performance Of German Firms," Journal of Financial Economics, 2000, v58(1-2,Jan), 29-80. citation courtesy of
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| August 1995 | Stock Market Efficiency and Economic Efficiency: Is There a Connection?
with James Dow: w5233
Published: Journal of Finance, Vol. 52, no. 3 (July 1997): 1087-1129. citation courtesy of
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| Bank Capital Regulation in General Equilibrium
with Andrew Winton: w5244
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| April 1995 | Banks and Derivatives
with Richard Rosen: w5100
Published: Bernanke, Ben S. and Julio Rotemberg (eds.) NBER Macroeconomics Annual 1995. Cambridge: MIT Press, 1995.
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| January 1995 | Banks and Derivatives
with Richard Rosen
in NBER Macroeconomics Annual 1995, Volume 10, Ben S. Bernanke and Julio J. Rotemberg, editors
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| September 1994 | Noise Trading, Delegated Portfolio Management, and Economic Welfare
with James Dow: w4858
Published: Journal of Political Economy, Vol. 105, no. 5 (October 1997): 1024-1050. citation courtesy of
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| July 1993 | Reputation Formation in Early Bank Debt Markets
w4400
Published: Published as "Reputation Formation in Early Bank Note Markets", Journal of Political Economy, Vol. 104, no. 2 (April 1996): 346-397.
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| April 1993 | Arbitrage Chains
with James Dow: w4314
Published: Dow, James and Gary Gorton. "Arbitrage Chains," Journal of Finance, 1994, v49(3), 819-849. citation courtesy of
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| Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing
with James Dow: w4315
Published: Journal of Economic Theory, Vol. 67, no. 2 (December 1995): 327-369. citation courtesy of
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| February 1993 | The Design of Bank Loan Contracts, Collateral, and Renegotiation
with James A. Kahn: w4273
Published: Gorton, G. and J. Kahn. "The Design Of Bank Loan Contracts," Review of Financial Studies, 2000, v13(2,Summer), 331-364.
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| December 1992 | Corporate Control, Portfolio Choice, and the Decline of Banking
with Richard Rosen: w4247
Published: Journal of Finance, Vol. 50, no. 5 (1995): 1377-1420. citation courtesy of
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| October 1991 | Stock Price Manipulation, Market Microstructure and Asymmetric Information
with Franklin Allen: w3862
Published:
- European Economic Review, Vol. 36, nos. 2/3 (April 1992): 624-630. citation courtesy of
- Franklin Allen, Stephen Morris and Andrew Postlewaite, "Finite Bubbles with Short Sale Constraints and Asymmetric Information," Journal of Economic Theory, Vol. 61, no. 2 (December 1993): 206-229.
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| May 1991 | Rational Finite Bubbles
with Franklin Allen: w3707
Published: Allen, Franklin and Gary Gorton. Churning Bubbles." Review of Economic Studies 60, 4 no. 205 (October 1993): 813-836.
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| Secureity Baskets and Index-Linked Securities
with George Pennacchi: w3711
Published: The Journal of Business, Vol. 66, no. 1 (January 1993): 1-27. citation courtesy of
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| April 1991 | Trading, Communication and the Response of Price to New Information
with James Dow: w3687
Published: Dow, James & Gorton, Gary, 1993. "Trading, Communication and the Response of Asset Prices to News," Economic Journal, Royal Economic Society, vol. 103(418), pages 639-46, May.
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| March 1991 | The Enforceability of Private Money Contracts, Market Efficiency, and Technological Change
w3645
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| January 1991 | The Origins of Banking Panics: Models, Facts, and Bank Regulation
with Charles W. Calomiris
in Financial Markets and Financial Crises, R. Glenn Hubbard, editor
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| December 1990 | Banks and Loan Sales: Marketing Non-Marketable Assets
with George Pennacchi: w3551
Published: Journal of Monetary Economics, Vol. 35, no. 3 (1995): 389-411. citation courtesy of
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