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

27

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193

Scholarly Papers (27)

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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 496 (65,085)

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

2.

Collateral Crises

Downloads 347 ( 99,259)
Citation 82

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 313 (110,615)
Citation 31

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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 Jan 2012
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 34 (521,538)
Citation 16

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3.

Good Booms, Bad Booms

Downloads 325 (106,801)
Citation 21

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 270 (129,507)
Citation 7

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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
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 55 (428,933)
Citation 10

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4.

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 286 (122,443)
Citation 4

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Central Bank, Discount Window, Financial Crisis, Confidence

5.

The Supply and Demand for Safe Assets

Downloads 272 (129,120)
Citation 9

The Supply and Demand for Safe Assets

Number of pages: 36 Posted: 19 Jan 2013 Last Revised: 27 Apr 2020
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 254 (137,963)
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
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 18 (625,916)
Citation 1

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6.

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 217 (161,241)
Citation 4

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Adverse Selection, Collateral, Credit Score, Reputation, Signaling

7.

Banks as Secret Keepers

NBER Working Paper No. w20255
Number of pages: 53 Posted: 30 Jun 2014
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 212 (164,791)
Citation 39

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8.

Interbank Networks in the Shadows of the Federal Reserve Act

Downloads 156 (216,346)
Citation 3

Interbank Networks in the Shadows of the Federal Reserve Act

Number of pages: 60 Posted: 06 May 2019 Last Revised: 17 Aug 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 143 (232,782)
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 13 (664,069)

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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
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
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9.

Political Booms, Financial Crises

Downloads 144 (230,912)
Citation 10

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 87 (332,743)

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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 44 (473,344)

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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
Helios Herrera, Guillermo Ordoñez and Christoph Trebesch
HEC Montreal, University of Pennsylvania - Department of Economics and Kiel Institute for the World Economy
Downloads 13 (664,069)
Citation 8

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10.

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 110 (282,849)

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

11.

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

Downloads 107 (288,432)

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 53 (436,502)

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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 39 (496,423)

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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 (656,198)

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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
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 (770,733)

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12.

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 92 (318,533)
Citation 1

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Social distancing, Economic distancing, COVID-19, Coronavirus

13.

Fighting Crises

Downloads 86 (332,276)
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 72 (372,578)

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Financial Crises, Central Banks

Fighting Crises

NBER Working Paper No. w22787
Number of pages: 39 Posted: 31 Oct 2016
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 14 (656,198)
Citation 2

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14.

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 71 (371,207)

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

15.

The Macroprudential Role of Stock Markets

Number of pages: 44 Posted: 12 May 2020
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 41 (477,077)

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

16.

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 29 (535,529)
Citation 4

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

17.

The Asymmetric Effects of Financial Frictions

Number of pages: 72 Posted: 21 Jan 2013
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 24 (565,631)

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18.

Uncertainty as Commitment

Downloads 22 (578,387)
Citation 11

Uncertainty as Commitment

National Bank of Poland Working Paper No. 141
Number of pages: 57 Posted: 11 Mar 2013
Jaromir B. Nosal and Guillermo Ordoñez
Columbia Business School - Economics Department and University of Pennsylvania - Department of Economics
Downloads 12 (672,004)

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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
Jaromir B. Nosal and Guillermo Ordoñez
Columbia Business School - Economics Department and University of Pennsylvania - Department of Economics
Downloads 10 (687,607)
Citation 6

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19.

Sustainable Shadow Banking

NBER Working Paper No. w19022
Number of pages: 38 Posted: 04 May 2013
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 18 (604,768)
Citation 15

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20.

Technological Progress and Rent Seeking

Number of pages: 23
Vincent Glode and Guillermo Ordoñez
University of Pennsylvania - The Wharton School and University of Pennsylvania - Department of Economics
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Rent Seeking, Technology, Big Data, Imitation, Surplus Appropriation, Economic Growth

21.

Optimal Regulation in the Presence of Reputation Concerns

Downloads 12 (646,540)
Citation 11

Optimal Regulation in the Presence of Reputation Concerns

NBER Working Paper No. w17898
Number of pages: 69 Posted: 10 Mar 2012
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 12 (672,004)

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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 3
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entry regulation, firm dynamics, quality investments, reputation concerns

22.

Debt Crises: For Whom the Bell Tolls

NBER Working Paper No. w22330
Number of pages: 59 Posted: 13 Jun 2016
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 10 (660,826)

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23.

The Asymmetric Effects of Financial Frictions

NBER Working Paper No. w18360
Number of pages: 73 Posted: 08 Sep 2012
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 9 (668,108)
Citation 5

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24.

Retirement in the Shadow (Banking)

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Retirement in the Shadow (Banking)

NBER Working Paper No. w26337
Number of pages: 58 Posted: 07 Oct 2019
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
Downloads 6 (719,448)
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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

25.

The Collateral Link between Volatility and Risk Sharing

NBER Working Paper No. w28119
Number of pages: 56 Posted: 23 Nov 2020
Sebastian Infante and Guillermo Ordoñez
Board of Governors of the Federal Reserve System and University of Pennsylvania - Department of Economics
Downloads 3 (713,091)
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26.

The Macroprudential Role of Stock Markets

NBER Working Paper No. w27113
Number of pages: 45 Posted: 12 May 2020
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 3 (713,091)
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27.

Savings and Saving Rates: Up or Down?

Downloads 3 (713,091)

Savings and Saving Rates: Up or Down?

NBER Working Paper No. w27179
Number of pages: 22 Posted: 18 May 2020
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
Downloads 3 (744,947)
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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