Yale School of Management

Biography

Gary B. Gorton is a professor of finance at Yale School of Management. Prior to being at Yale Professor Gorton was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he worked for 24 years starting in the fall of 1983. He was also Professor of Economics in the College of Arts and Sciences at the University of Pennsylvania, and is currently a Research Associate of the National Bureau of Economic Research. He is a former member of the Moody’s Investors Services Academic Advisory Panel. He is also the former Director of the Research Program on Banks and the Economy for the Federal Deposit Insurance Corporation. He has taught at the Graduate School of Business, University of Chicago, and previously worked as an economist and senior economist at the Federal Reserve Bank of Philadelphia. During 1994 he was the Houblon-Norman Fellow at the Bank of England.

Dr. Gorton has done research in many areas of finance, including both theoretical and empirical work. Specific research has focused on the role of stock markets and banks, credit cycles, arbitrage pricing, commodity futures, bank capital, bank production of liquidity, loan sales, securitization, bank loan pricing, and bank regulation. Dr. Gorton also works on corporate control issues and asset pricing theory, including models of asset price bubbles and game theoretic models of trading and asset pricing. His research has been published in the American Economic Review, the Review of Economic Studies, the Review of Financial Studies, the Journal of Economic Theory, the Journal of Political Economy, the Journal of Finance, the Journal of Monetary Economics, the Journal of Business, and the Journal of Money, Credit, and Banking, among other places.

Dr. Gorton is a member of the American Finance Association, the American Economic Association, and the Econometric Society. He was an editor of the Review of Economic Studies and the Review of Financial Studies. He is now, or has been in the past, on the editorial boards of many journals including Journal of Financial Services Research, the Journal of Financial Intermediation, the Journal of Financial Markets, the Journal of Money, Credit, and Banking, Advances in International Banking and Finance, Finance Letters, and the Economic Policy Review (of the Federal Reserve Bank of New York). He is the former editor of the Review of Financial Studies and a former director of the Western Finance Association.

Dr. Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey. He has also consulted for a number of private firms.

Dr. Gorton received his doctorate in Economics from the University of Rochester. In the field of Economics, he received Master's degrees in economics at the University of Rochester and Cleveland State University, and also received a Master's degree in Chinese Studies from the University of Michigan.