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

SCHOLARLY PAPERS

37

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6,186

TOTAL CITATIONS
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Top 1,857

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329

Scholarly Papers (37)

1.
Downloads 608 (93,573)
Citation 1

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: 03 Apr 2024
Vincent Glode and Guillermo Ordoñez
University of Pennsylvania - The Wharton School and University of Pennsylvania - Department of Economics
Downloads 601 (93,687)
Citation 1

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Resource Allocation, Surplus Appropriation, Misallocation, Economic Growth, Market Making, Electronic Front-Running.

Technological Progress and Rent Seeking

NBER Working Paper No. w32359
Number of pages: 37 Posted: 23 Apr 2024
Vincent Glode and Guillermo Ordoñez
University of Pennsylvania - The Wharton School and University of Pennsylvania - Department of Economics
Downloads 7 (1,308,615)
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2.

Banks as Secret Keepers

PIER Working Paper
Number of pages: 52 Posted: 19 Jun 2014 Last Revised: 23 Mar 2016
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 511 (116,262)

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

3.
Downloads 473 (127,522)
Citation 62

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 346 (180,716)
Citation 53

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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 2023
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 127 (468,029)
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
University of Warwick, University of Pennsylvania - Department of Economics, University of Geneva - Graduate Institute, Geneva (IHEID) and Kiel Institute for the World Economy
Downloads 458 (132,581)
Citation 21

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

5.
Downloads 440 (139,160)
Citation 48

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 379 (163,423)
Citation 28

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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: 22 Jan 2023
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 61 (751,358)
Citation 20

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6.
Downloads 397 (156,564)
Citation 20

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 334 (187,806)
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: 01 May 2023
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 63 (739,185)
Citation 18

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Interbank Networks in the Shadows of the Federal Reserve Act

Number of pages: 66 Posted: 06 May 2019 Last Revised: 03 Oct 2022
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Bank Policy Institute, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 293 (216,134)
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
Bank Policy Institute, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 58 (770,800)

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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 2023
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Bank Policy Institute, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 27 (1,048,425)

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8.

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 347 (181,753)
Citation 4

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Central Bank, Discount Window, Financial Crisis, Confidence

9.

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 259 (247,122)
Citation 6

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Adverse Selection, Collateral, Credit Score, Reputation, Signaling

10.

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 251 (255,170)
Citation 3

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

11.
Downloads 241 (265,519)
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 120 (489,740)

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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 83 (633,764)

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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: 04 Feb 2023
Helios Herrera, Guillermo Ordoñez and Christoph Trebesch
HEC Montreal, University of Pennsylvania - Department of Economics and Kiel Institute for the World Economy
Downloads 38 (931,243)
Citation 10

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12.

Banks as Secret Keepers

NBER Working Paper No. w20255
Number of pages: 53 Posted: 30 Jun 2014 Last Revised: 07 May 2023
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 222 (287,402)
Citation 49

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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: 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 85 (624,798)

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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 66 (721,287)

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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 34 (971,051)

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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 2023
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 (1,220,239)
Citation 1

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14.
Downloads 185 (340,698)
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 99 (566,158)

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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: 12 Apr 2023
Jaromir Nosal and Guillermo Ordoñez
Boston College and University of Pennsylvania - Department of Economics
Downloads 86 (620,242)
Citation 11

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15.

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 153 (401,945)

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Social distancing, Economic distancing, COVID-19, Coronavirus

16.
Downloads 145 (419,753)
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 95 (581,912)

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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 2023
Gary B. Gorton and Guillermo Ordoñez
Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 50 (827,794)
Citation 2

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17.
Downloads 129 (460,655)

Regulating Clearing in Networks

Number of pages: 76 Posted: 22 Nov 2022
Pablo D'Erasmo, Selman Erol and Guillermo Ordoñez
Federal Reserve Bank of Philadelphia - Research Department, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 103 (550,291)

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Central Counterparty (CCP), Over-the-counter Trading (OTC), Interbank Networks, Information Transparency, Network Reactions

Regulating Clearing in Networks

Number of pages: 53 Posted: 16 Sep 2024
Pablo D'Erasmo, Selman Erol and Guillermo Ordoñez
Federal Reserve Bank of Philadelphia - Research Department, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 26 (1,060,272)

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Central Clearing, Systemic Risk, Interbank Networks, Central Counterparty (CCP), Over-the-Counter Trading (OTC) JEL Classifications: G20, E50, L14

18.

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 114 (506,484)

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

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 75 (672,243)

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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: 06 Apr 2023
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 22 (1,110,731)
Citation 1

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20.

Stability Pass-through to Shadow Banking: How Did Public Liquidity Flow Along the Interbank Networks?

Number of pages: 56 Posted: 30 Nov 2023 Last Revised: 10 Jan 2024
Haelim Anderson, Selman Erol and Guillermo Ordoñez
Bank Policy Institute, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania - Department of Economics
Downloads 73 (672,015)

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Federal Reserve liquidity provision, funding and payment networks, shadow banking, banking stability, interbank networks

The Collateral Link between Volatility and Risk Sharing

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 56 Posted: 06 May 2024
Sebastian Infante and Guillermo Ordoñez
Board of Governors of the Federal Reserve System and University of Pennsylvania - Department of Economics
Downloads 36 (950,849)

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The Collateral Link between Volatility and Risk Sharing

NBER Working Paper No. w28119
Number of pages: 56 Posted: 23 Nov 2020 Last Revised: 01 May 2023
Sebastian Infante and Guillermo Ordoñez
Board of Governors of the Federal Reserve System and University of Pennsylvania - Department of Economics
Downloads 33 (981,546)

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22.

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 69 (697,776)
Citation 4

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

23.

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 62 (731,391)

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24.

The Asymmetric Effects of Financial Frictions

Number of pages: 72 Posted: 21 Jan 2013
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 56 (768,335)

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25.

Sustainable Shadow Banking

NBER Working Paper No. w19022
Number of pages: 38 Posted: 04 May 2013 Last Revised: 24 Jun 2023
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 43 (863,901)
Citation 42

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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 29 (1,025,300)

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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
Downloads 1 (1,357,805)
Citation 3
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entry regulation, firm dynamics, quality investments, reputation concerns

27.

Information Spillovers in Sovereign Debt Markets

NBER Working Paper No. w22330
Number of pages: 52 Posted: 13 Jun 2016 Last Revised: 08 Jul 2023
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 29 (997,051)

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28.

The Macroprudential Role of Stock Markets

NBER Working Paper No. w27113
Number of pages: 45 Posted: 12 May 2020 Last Revised: 30 Jan 2023
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 27 (1,019,003)
Citation 1

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29.

The Asymmetric Effects of Financial Frictions

NBER Working Paper No. w18360
Number of pages: 73 Posted: 08 Sep 2012 Last Revised: 03 Mar 2023
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 24 (1,053,725)
Citation 30

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30.

The Two Faces of Information

NBER Working Paper No. w28489
Number of pages: 51 Posted: 22 Feb 2021 Last Revised: 06 May 2023
Gaetano Gaballo and Guillermo Ordoñez
HEC Paris and University of Pennsylvania - Department of Economics
Downloads 22 (1,078,057)

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31.
Downloads 22 (1,078,057)

Savings and Saving Rates: Up or Down?

NBER Working Paper No. w27179
Number of pages: 22 Posted: 18 May 2020 Last Revised: 07 Apr 2023
Guillermo Ordoñez and Facundo Piguillem
University of Pennsylvania - Department of Economics and Einaudi Institute for Economics and Finance (EIEF)
Downloads 19 (1,150,752)

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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)
Downloads 3 (1,341,823)
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capital gains, Human Capital, Savings rates

32.
Downloads 20 (1,103,142)

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 18 (1,164,438)

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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)
Downloads 2 (1,348,985)
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Ageing Population, financial crisis, shadow banking

33.

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: 24 Jul 2023
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 14 (1,179,694)
Citation 2

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34.

Business, Liquidity, and Information Cycles

NBER Working Paper No. w32501
Number of pages: 67 Posted: 28 May 2024
Gorkem Bostanci and Guillermo Ordoñez
University of British Columbia (UBC) and University of Pennsylvania - Department of Economics
Downloads 9 (1,239,224)
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35.

Information Dynamics and Macro Fluctuations

NBER Working Paper No. w31514
Number of pages: 36 Posted: 31 Jul 2023
Kyriakos Chousakos, Gary B. Gorton and Guillermo Ordoñez
Bank of America, Yale School of Management and University of Pennsylvania - Department of Economics
Downloads 8 (1,249,157)
Citation 5

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36.

How to Sell Public Debt in Uncertain Times

Number of pages: 60 Last Revised: 16 Mar 2025
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
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37.
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