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

27

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3,115

SSRN CITATIONS
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Top 2,924

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244

CROSSREF CITATIONS

193

Scholarly Papers (27)

1.

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 496 (65,085)

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

2.
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.
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.
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
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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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.
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
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

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.
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.
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
Downloads 14

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Rent Seeking, Technology, Big Data, Imitation, Surplus Appropriation, Economic Growth

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
Downloads 0
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.
Downloads 6 (690,046)

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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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