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

34

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694

CROSSREF CITATIONS

199

Scholarly Papers (34)

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 505 (104,150)
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 5 (1,144,436)
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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 510 (104,049)

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

3.

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 435 (125,767)
Citation 19

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

4.
Downloads 431 (127,163)
Citation 54

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 308 (182,791)
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 123 (422,883)
Citation 9

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5.
Downloads 431 (127,163)
Citation 126

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 372 (149,034)
Citation 27

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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 59 (675,108)
Citation 20

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6.
Downloads 381 (146,340)
Citation 27

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 323 (173,862)
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 58 (680,936)
Citation 18

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7.

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 337 (167,324)
Citation 4

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Central Bank, Discount Window, Financial Crisis, Confidence

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 267 (212,910)
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 43 (779,958)

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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 15 (1,041,711)

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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 253 (225,002)
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 234 (242,867)
Citation 3

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

11.

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 (255,314)
Citation 49

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12.
Downloads 216 (261,969)
Citation 29

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 111 (457,467)

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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 74 (597,187)

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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 31 (877,928)
Citation 10

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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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 81 (565,758)

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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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 60 (669,449)

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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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 29 (896,242)

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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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 9 (1,106,156)
Citation 1

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14.

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 142 (377,180)
Citation 1

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Social distancing, Economic distancing, COVID-19, Coronavirus

15.
Downloads 132 (399,393)
Citation 8

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 90 (529,229)

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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 42 (787,325)
Citation 2

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16.
Downloads 108 (464,063)
Citation 18

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 59 (675,108)

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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 49 (737,616)
Citation 11

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17.

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 101 (486,594)

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

18.

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 83 (551,107)

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

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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 61 (663,785)

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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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 18 (1,008,374)
Citation 1

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20.

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 60 (657,255)
Citation 4

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

21.

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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 56 (679,171)

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22.

The Asymmetric Effects of Financial Frictions

Number of pages: 72 Posted: 21 Jan 2013
Guillermo Ordoñez
University of Pennsylvania - Department of Economics
Downloads 49 (721,254)

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23.

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 46 (740,397)

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

24.

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 37 (804,841)
Citation 42

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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 22 (965,319)

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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 7 (1,126,011)

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26.

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 - Red McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 26 (897,638)

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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 24 (944,694)

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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 0
Citation 3
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entry regulation, firm dynamics, quality investments, reputation concerns

28.

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 23 (925,826)
Citation 26

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29.

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 19 (965,732)
Citation 1

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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 18 (975,914)

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31.
Downloads 14 (1,017,507)

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 14 (1,052,943)

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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

32.
Downloads 9 (1,066,529)

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 9 (1,106,156)

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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

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 - Red McCombs School of Business
Downloads 7 (1,084,684)

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34.

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 5 (1,101,330)
Citation 4
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