Guillermo Ordoñez

University of Pennsylvania - Department of Economics

Ronald O. Perelman Center for Political Science

133 South 36th Street

Philadelphia, PA 19104-6297

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of Pennsylvania - Department of Economics

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

31

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199

Scholarly Papers (31)

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1.

Banks as Secret Keepers

PIER Working Paper
Number of pages: 52 Posted: 19 Jun 2014 Last Revised: 23 Mar 2016
Tri Vi Dang, Gary B. Gorton, Bengt R. Holmström and Guillermo Ordoñez
Columbia University - Department of Economics, Yale School of Management, Massachusetts Institute of Technology (MIT) - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 505 (79,296)

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Banks vs. Capital Markets, Financial Intermediation, Information and Opacity, Optimal Portfolio, Private Money

2.

Collateral Crises

Downloads 369 (114,306)
Citation 92

Collateral Crises

Number of pages: 52 Posted: 14 Jan 2012 Last Revised: 18 Mar 2013
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 332 (127,648)
Citation 37

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Financial Crises, Financial Fragility, Short-term debt, Credit Booms

Collateral Crises

NBER Working Paper No. w17771
Number of pages: 46 Posted: 21 Jan 2012 Last Revised: 24 Jul 2022
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 37 (602,433)
Citation 20

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3.

Good Booms, Bad Booms

Downloads 354 (119,683)
Citation 23

Good Booms, Bad Booms

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 64 Posted: 20 Feb 2014 Last Revised: 18 Sep 2020
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 275 (155,265)
Citation 11

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Financial Crises, Credit Booms, Productivity

Good Booms, Bad Booms

NBER Working Paper No. w22008
Number of pages: 58 Posted: 22 Feb 2016 Last Revised: 19 Feb 2022
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 79 (423,240)
Citation 9

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4.

Corona Politics: The Cost of Mismanaging Pandemics

PIER Working Paper No. 20-033
Number of pages: 30 Posted: 10 Sep 2020
Helios Herrera, Guillermo Ordoñez, Maximilian Konradt and Christoph Trebesch
University of Warwick, University of Pennsylvania - Department of Economics, University of Geneva - Graduate Institute, Geneva (IHEID) and Kiel Institute for the World Economy
Downloads 339 (125,583)
Citation 7

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Political Popularity, Political Economy, Crisis Management, Covid-19

5.

The Supply and Demand for Safe Assets

Downloads 312 (136,907)
Citation 13

The Supply and Demand for Safe Assets

Number of pages: 35 Posted: 19 Jan 2013 Last Revised: 12 Aug 2021
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 282 (151,412)
Citation 2

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safe assets, monetary policy, financial crises

The Supply and Demand for Safe Assets

NBER Working Paper No. w18732
Number of pages: 37 Posted: 26 Jan 2013 Last Revised: 09 Mar 2022
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 30 (646,990)
Citation 4

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6.

How Central Banks End Crises

PIER Working Paper No. 14-025
Number of pages: 38 Posted: 03 Sep 2014 Last Revised: 06 Dec 2014
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 298 (143,691)
Citation 4

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Central Bank, Discount Window, Financial Crisis, Confidence

7.

Interbank Networks in the Shadows of the Federal Reserve Act

Downloads 253 (169,602)
Citation 5

Interbank Networks in the Shadows of the Federal Reserve Act

Number of pages: 58 Posted: 06 May 2019 Last Revised: 18 Mar 2022
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Government of the United States of America – Federal Deposit Insurance Corporation, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 223 (190,971)
Citation 3

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Dual banking system, Federal Reserve Act, Shadow Banking, Interbank Networks, Systemic Risk

Interbank Networks in the Shadows of the Federal Reserve Act

FDIC Center for Financial Research Paper No. 2020-07
Number of pages: 70 Posted: 20 Nov 2020
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Government of the United States of America – Federal Deposit Insurance Corporation, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 26 (676,161)

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Dual Banking System, Federal Reserve Act, Shadow Banking, Interbank Networks, Systemic Risk

Interbank Networks in the Shadows of the Federal Reserve Act

NBER Working Paper No. w27721
Number of pages: 61 Posted: 25 Aug 2020 Last Revised: 31 Mar 2022
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Government of the United States of America – Federal Deposit Insurance Corporation, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 4 (887,824)

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8.

Leverage Dynamics and Credit Quality

Journal of Economic Theory, Vol. 183, 2019
Number of pages: 40 Posted: 08 May 2013 Last Revised: 19 Jun 2019
Guillermo Ordoñez, David Perez-Reyna and Motohiro Yogo
University of Pennsylvania - Department of Economics, Universidad de los Andes, Colombia and Princeton University - Department of Economics
Downloads 230 (185,798)
Citation 4

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Adverse Selection, Collateral, Credit Score, Reputation, Signaling

9.

Banks as Secret Keepers

NBER Working Paper No. w20255
Number of pages: 53 Posted: 30 Jun 2014 Last Revised: 07 May 2022
Tri Vi Dang, Gary B. Gorton, Bengt R. Holmström and Guillermo Ordoñez
Columbia University - Department of Economics, Yale School of Management, Massachusetts Institute of Technology (MIT) - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 218 (195,588)
Citation 49

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10.

Technological Progress and Rent Seeking

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 37 Posted: 27 Feb 2021 Last Revised: 14 Jun 2022
Vincent Glode and Guillermo Ordoñez
University of Pennsylvania - The Wharton School and University of Pennsylvania - Department of Economics
Downloads 212 (200,633)

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Resource Allocation, Surplus Appropriation, Misallocation, Economic Growth, Imitation, Speculation.

11.

The Political Economy of Pandemics

Number of pages: 33 Posted: 28 May 2020
Helios Herrera and Guillermo Ordoñez
HEC Montreal and University of Pennsylvania - Department of Economics
Downloads 193 (218,575)
Citation 2

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herding, beauty contests, political agency, yardstick competition, COVID-19.

12.

Political Booms, Financial Crises

Downloads 151 (268,823)
Citation 12

Political Booms, Financial Crises

PIER Working Paper No. 14-024
Number of pages: 52 Posted: 27 Jul 2014 Last Revised: 29 Jul 2014
Guillermo Ordoñez, Christoph Trebesch and Helios Herrera
University of Pennsylvania - Department of Economics, Kiel Institute for the World Economy and HEC Montreal
Downloads 91 (388,356)

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Credit Booms, Reputation, Financial Crises, Political Popularity, Emerging Markets.

Political Booms, Financial Crises

CESifo Working Paper Series No. 4935
Number of pages: 52 Posted: 17 Sep 2014
Helios Herrera, Guillermo Ordoñez and Christoph Trebesch
HEC Montreal, University of Pennsylvania - Department of Economics and Kiel Institute for the World Economy
Downloads 46 (553,676)

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credit booms, reputation, financial crises, political popularity, emerging markets

Political Booms, Financial Crises

NBER Working Paper No. w20346
Number of pages: 52 Posted: 04 Aug 2014 Last Revised: 06 Aug 2022
Helios Herrera, Guillermo Ordoñez and Christoph Trebesch
HEC Montreal, University of Pennsylvania - Department of Economics and Kiel Institute for the World Economy
Downloads 14 (780,155)
Citation 10

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13.

Social and Economic Distancing

Number of pages: 37 Posted: 24 Apr 2020
Selman Erol and Guillermo Ordoñez
Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 118 (324,174)
Citation 1

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Social distancing, Economic distancing, COVID-19, Coronavirus

14.

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

Downloads 114 (332,136)

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

PIER Working Paper No. 17-015
Number of pages: 59 Posted: 14 Jun 2017 Last Revised: 11 Nov 2017
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 59 (494,922)

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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

PIER Working Paper No. 17-015
Number of pages: 59 Posted: 11 Nov 2017
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 40 (585,462)

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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

Number of pages: 67 Posted: 13 Nov 2017 Last Revised: 02 Aug 2018
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 14 (780,155)

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Sovereign Debt, Auctions, Heterogeneous Information, Equilibrium

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

NBER Working Paper No. w24890
Number of pages: 68 Posted: 06 Aug 2018 Last Revised: 06 Jul 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 1 (932,336)

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15.

Fighting Crises

Downloads 90 (387,640)
Citation 2

Fighting Crises

Number of pages: 38 Posted: 26 Oct 2016
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 74 (439,504)

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Financial Crises, Central Banks

Fighting Crises

NBER Working Paper No. w22787
Number of pages: 39 Posted: 31 Oct 2016 Last Revised: 07 Apr 2022
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 16 (760,932)
Citation 2

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16.

Information Dynamics and Macroeconomic Fluctuations

Number of pages: 35 Posted: 12 May 2020 Last Revised: 26 May 2022
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 59 (487,569)

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Business Cycles, Financial Markets and the Macro-economy, Financial Crises

17.

Information Spillovers in Sovereign Debt Markets

PIER Working Paper No. 21-011
Number of pages: 52 Posted: 01 Apr 2021
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 45 (548,032)
Citation 1

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18.

Which Workers Get Insurance within the Firm?

Number of pages: 30 Posted: 28 Jan 2012 Last Revised: 13 Feb 2013
David Lagakos and Guillermo Ordoñez
University of California, San Diego (UCSD) - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 35 (600,244)
Citation 4

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insurance within the firm, risk sharing, limited commitment, displacement costs, wage smoothing, wage rigidity

19.

Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data

Downloads 27 (650,258)

Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 57 Posted: 15 Mar 2022 Last Revised: 17 Mar 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 23 (700,019)

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Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data

NBER Working Paper No. w28459
Number of pages: 43 Posted: 15 Feb 2021 Last Revised: 05 Aug 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 4 (887,824)

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20.

The Asymmetric Effects of Financial Frictions

Number of pages: 72 Posted: 21 Jan 2013
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 27 (650,258)

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21.

Sustainable Shadow Banking

NBER Working Paper No. w19022
Number of pages: 38 Posted: 04 May 2013 Last Revised: 24 Jun 2022
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 26 (657,288)
Citation 21

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22.

Uncertainty as Commitment

Downloads 26 (657,288)
Citation 11

Uncertainty as Commitment

National Bank of Poland Working Paper No. 141
Number of pages: 57 Posted: 11 Mar 2013
Jaromir Nosal and Guillermo Ordoñez
Boston College and University of Pennsylvania - Department of Economics
Downloads 14 (780,155)

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bailouts, commitment, liquidity, banking, government policy, regulation

Uncertainty as Commitment

NBER Working Paper No. w18766
Number of pages: 48 Posted: 02 Feb 2013 Last Revised: 11 Apr 2022
Jaromir Nosal and Guillermo Ordoñez
Boston College and University of Pennsylvania - Department of Economics
Downloads 12 (800,158)
Citation 6

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23.

Information Spillovers in Sovereign Debt Markets

NBER Working Paper No. w22330
Number of pages: 52 Posted: 13 Jun 2016 Last Revised: 08 Jul 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 14 (753,173)

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24.

Optimal Regulation in the Presence of Reputation Concerns

Downloads 13 (762,342)
Citation 13

Optimal Regulation in the Presence of Reputation Concerns

NBER Working Paper No. w17898
Number of pages: 69 Posted: 10 Mar 2012 Last Revised: 29 May 2022
Andrew Atkeson, Christian Hellwig and Guillermo Ordoñez
University of California, Los Angeles (UCLA) - Department of Economics, University of Toulouse 1 - Toulouse School of Economics (TSE) and University of Pennsylvania - Department of Economics
Downloads 13 (790,083)

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Optimal Regulation in the Presence of Reputation Concerns

CEPR Discussion Paper No. DP10080
Number of pages: 49 Posted: 25 Sep 2014
Andrew Atkeson, Christian Hellwig and Guillermo Ordoñez
University of California, Los Angeles (UCLA) - Department of Economics, University of Toulouse 1 - Toulouse School of Economics (TSE) and University of Pennsylvania - Department of Economics
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Citation 4
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entry regulation, firm dynamics, quality investments, reputation concerns

25.

The Asymmetric Effects of Financial Frictions

NBER Working Paper No. w18360
Number of pages: 73 Posted: 08 Sep 2012 Last Revised: 03 Mar 2022
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 11 (781,142)
Citation 8

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26.

Retirement in the Shadow (Banking)

Downloads 7 (821,024)

Retirement in the Shadow (Banking)

NBER Working Paper No. w26337
Number of pages: 58 Posted: 07 Oct 2019 Last Revised: 19 Jun 2022
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
Downloads 7 (853,089)

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Retirement in the Shadow (Banking)

CEPR Discussion Paper No. DP13144
Number of pages: 52 Posted: 17 Sep 2018
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
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Ageing Population, financial crisis, shadow banking

27.

The Two Faces of Information

NBER Working Paper No. w28489
Number of pages: 51 Posted: 22 Feb 2021 Last Revised: 07 May 2022
Gaetano Gaballo and Guillermo Ordoñez
HEC Paris and University of Pennsylvania - Department of Economics
Downloads 5 (841,826)
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28.

The Collateral Link between Volatility and Risk Sharing

NBER Working Paper No. w28119
Number of pages: 56 Posted: 23 Nov 2020 Last Revised: 18 Nov 2021
Sebastian Infante and Guillermo Ordoñez
Board of Governors of the Federal Reserve System and University of Pennsylvania - Department of Economics
Downloads 5 (841,826)
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29.

Savings and Saving Rates: Up or Down?

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Savings and Saving Rates: Up or Down?

NBER Working Paper No. w27179
Number of pages: 22 Posted: 18 May 2020 Last Revised: 07 Apr 2022
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
Downloads 5 (875,527)

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Savings Rates: Up or Down?

CEPR Discussion Paper No. DP14662
Number of pages: 24 Posted: 08 May 2020
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
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capital gains, Human Capital, Savings rates

30.

The Macroprudential Role of Stock Markets

NBER Working Paper No. w27113
Number of pages: 45 Posted: 12 May 2020 Last Revised: 01 Aug 2022
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 4 (853,072)

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31.

Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis

NBER Working Paper No. w30216
Number of pages: 69 Posted: 04 Jul 2022 Last Revised: 11 Jul 2022
Harold L. Cole, Guillermo Ordoñez and Daniel Neuhann
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and University of Texas at Austin, McCombs School of Business
Downloads 3 (864,914)
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