{"id":15,"date":"2018-12-20T02:32:15","date_gmt":"2018-12-20T02:32:15","guid":{"rendered":"https:\/\/faculty.som.yale.edu\/garygorton\/?page_id=15"},"modified":"2021-01-25T17:56:15","modified_gmt":"2021-01-25T17:56:15","slug":"published-papers","status":"publish","type":"page","link":"https:\/\/faculty.som.yale.edu\/garygorton\/published-papers\/","title":{"rendered":"Published Papers"},"content":{"rendered":"

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Books<\/strong><\/p>\n

(2015) The Maze of Banking<\/u><\/a> (Oxford University Press; 2015).<\/p>\n

(2012) Misunderstanding Financial Crises: Why We Don\u2019t See Them Coming<\/u><\/a> (Oxford University Press; 2012).<\/p>\n

(2010) Slapped by the Invisible Hand: The Panic of 2007<\/u><\/a>, (Oxford University Press).<\/p>\n

Papers<\/strong><\/p>\n

(2015) “Good Booms, Bad Booms,”<\/a> (with Guillermo Ordonez).<\/p>\n

(2015)\u00a0“Mobile Collateral versus Immobile Collateral,” <\/a>(with Tyler Muir).<\/p>\n

(2015)\u00a0“The Flight from Maturity,”<\/a> (with Andrew Metrick and Lei Xie).<\/p>\n

(2012) “Risk Topography<\/a>,” (with Markus Brunnermeier and Arvind Krishnamurthy), in NBER Macroeconomics Annual 2011<\/u>, Vol. 26, ed. D. Acemoglu and M. Woodford (University of Chicago Press), forthcoming.<\/p>\n

(2012) “Securitization<\/a>,” (with Andrew Metrick), in The Handbook of the Economics of Finance<\/u>, ed. G. Constantinides, M. Harris, and R. Stulz, forthcoming.<\/p>\n

(2012) “Liquidity Mismatch Measurement<\/a>,” (with Markus Brunnermeier and Arvind Krishnamurthy), in Systemic Risk and Macro Modeling<\/u>, ed. M. Brunnermeier and A. Krisnamurthy, National Bureau of Economic Research, 2012.<\/p>\n

(2012) “The Fundamentals of Commodity Futures Returns<\/a>” (with F. Hayashi and K. Geert Rouwenhorst), Review of Finance<\/i>, forthcoming.<\/p>\n

(2012) “Getting up to Speed on the Financial Crisis: A One-Weekend-Reader’s Guide<\/a>” (with Andrew Metrick), Journal of Economic Literature<\/i>, forthcoming.<\/p>\n

(2012) “The Safe-Asset Share<\/a>” (with S. Lewellen & Andrew Metrick), American Economic Review<\/i>, forthcoming.<\/p>\n

(2012) \u201cWho Ran on Repo?<\/a>,\u201d (with Andrew Metrick), submitted to Journal of Financial Intermediation.<\/p>\n

(2011) “The Big Short Shrift: Review of ‘The Big Short,’ by Michael Lewis and ‘The Greatest Trade Ever’ by Gregory Zuckerman<\/a>,” Journal of Economic Literature<\/em> (49)2, 450-453.<\/p>\n

(2010) “Are Naked Credit Default Swaps Too Revealing?<\/a>,” Investment Dealers’ Digest<\/em>, (76)21, 22.<\/p>\n

(2010) “The Right Recipe for Financial Reform” Investment Dealers’ Digest<\/em>, (76)19, 22.<\/p>\n

(2010a) “Securitized Banking and the Run on Repo<\/a>” (with Andrew Metrick), Journal of Financial Economics, forthcoming.<\/p>\n

(2010) “Regulating the Shadow Banking System<\/a>,” (with Andrew Metrick), Brookings Papers on Economic Activity, forthcoming.<\/p>\n

(2010b) “Haircuts<\/a>,” (with Andrew Metrick), Federal Reserve Bank of St. Louis Review<\/em>.<\/p>\n

(2010) “E-coli, Repo Madness, and the Financial Crisis<\/a>,” Business Economics 45, 164-173.<\/p>\n

(2010) “Security Price Informativeness and Delegated Traders<\/a>,” (with Lixin Huang and Ping He), American Economic Journal: Microeconomics 2(4), 137-70.<\/p>\n

(2009) “Information, Liquidity, and the (Ongoing) Panic of 2007<\/a>,” American Economic Review<\/em>, Papers and Proceedings, Papers and Proceedings, vol. 99, no. 2, 567-572.<\/p>\n

(2009) “The Subprime Panic<\/a>,” European Financial Management<\/em>, (15)1 (January), 10-46.<\/p>\n

(2009) “The Panic of 2007<\/a>,” in Maintaining Stability in a Changing Financial System<\/em>, Proceedings of the 2008 Jackson Hole Conference, Federal Reserve Bank of Kansas City.<\/p>\n

(2009) “Eat-or-be-Eaten: A Theory of Mergers and Merger Waves<\/a>,” (with Mathias Kahl and Richard Rosen), Journal of Finance<\/em>, Journal of Finance 64(3).<\/p>\n

(2009) “Bank Credit Cycles<\/a>,” (with Ping He), Review of Economic Studies<\/em>, 75(4), 1181-1214.<\/p>\n

(2008) “Blockholder Scarcity, Takeovers, and Ownership Structures<\/a>,” (with Mathias Kahl), Journal of Financial and Quantitative Analysis<\/em>.<\/p>\n

(2007) “SEC Regulation FD, Information, and the Cost of Capital<\/a>,” (with Armando Gomes and Leonardo Madureira), Journal of Corporate Finance<\/em> vol. 13, no. 2-3:300-334.<\/p>\n

(2006) “Commodity Futures: A Japanese Perspective<\/a>,” (with Fumio Hayashi and Geert Rouwenhorst), Gendai Fainansu<\/em>, No. 19 (in Japanese).<\/p>\n

(2006) “Banking Panics and Endogenous Coalition Formation,” (with Lixin Huang), Journal of Monetary Economics<\/em>, Vol. 53 (7) (October): 1613-1629.<\/p>\n

(2006) “Noise Traders<\/a>,” The New Palgrave: A Dictionary of Economics <\/u>(with James Dow) (Palgrave MacMillan: New York), edited by Steven N. Durlauf and Lawrence E. Blume, forthcoming in 2008. NBER Working Paper No. 12256.<\/p>\n

(2006) “Facts and Fantasies about Commodity Futures<\/a>,” (with Geert Rouwenhorst), Financial Analysts\u2019 Journal<\/em>, Vol. 62, No. 2 : 47-68.<\/p>\n

(2006) “Special Purpose Vehicles and Securitization<\/a>,” (with Nicholas S. Souleles), chapter in The Risks of Financial Institutions<\/u>, edited by Rene Stulz and Mark Carey (University of Chicago Press).<\/p>\n

(2005) “Equilibrium Asset Prices under Imperfect Corporate Control<\/a>,” (with James Dow and Arvind Krishnamurthy), American Economic Review<\/em>, 95(3).<\/p>\n

(2004) “Capital, Labor, and the Firm: A Study of German Codetermination<\/a>,” (with Frank Schmid), Journal of the European Economic Association<\/em>, 2(5).<\/p>\n

(2004) “Liquidity, Efficiency, and Bank Bailouts<\/a>,” (with Lixin Huang), American Economic Review<\/em> 94(3)<\/p>\n

(2003) “Financial Intermediation<\/a>,” (with Andrew Winton) in The Handbook of the Economics of Finance: Corporate Finance<\/u>, ed. George Constantinides, Milton Harris, and Rene Stulz. (Elsevier Science; 2003) (NBER Working Paper # 8928).<\/p>\n

(2003) “Banking Panics and the Origin of Central Banking<\/a>,” (with Lixin Huang), in Evolution and Procedures in Central Banking<\/u>, edited by David Altig and Bruce Smith, Cambridge University Press.<\/p>\n

(2000) “Universal Banking and the Performance of German Firms<\/a>,” (with Frank Schmid), Journal of Financial Economics<\/em> 58: 3-28.<\/p>\n

(2000) “The Design of Bank Loan Contracts<\/a>,” (with James Kahn), Review of Financial Studies<\/em> 13: 331-364.<\/p>\n

(1999) “Berle and Means Revisited: Empirical Evidence from Austrian Cooperative Banking,” (with Frank Schmid), Journal of Corporate Finance<\/em> 5: 119-140.<\/p>\n

(1999) “Pricing Free Bank Notes<\/a>,” Journal of Monetary Economics<\/em> 44: 33-64.<\/p>\n

(1999) “Comment on ‘Private Money Creation and the Suffolk Banking System,'” Journal of Money, Credit, and Banking<\/em>, Vol. 31, No. 3 (August 1999, Part 2).<\/p>\n

(1998) “Banking in Transition Economies: Does Efficiency Require Instability?<\/a>” (with Andrew Winton), Journal of Money, Credit, and Banking<\/em> 30: 621-650.<\/p>\n

(1997) “Noise Trading, Delegated Portfolio Management, and Economic Welfare<\/a>,” (with James Dow), Journal of Political Economy<\/em>, Vol. 105, No. 5 : 1024-1050.<\/p>\n

(1997) “Stock Market Efficiency and Economic Efficiency: Is There a Connection?<\/a>,” (with James Dow), Journal of Finance<\/em>, Vol. 52, No. 3 : 1087-1130.<\/p>\n

(1996) “Reputation Formation in Early Bank Note Markets<\/a>,” Journal of Political Economy<\/em>, Vol. 104, No. 2, 346-397.<\/p>\n

(1995) “Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing<\/a>,” with James Dow, Journal of Economic Theory<\/em>, Vol. 67, No. 2: 327-369.<\/p>\n

(1995) “Corporate Control, Portfolio Choice, and the Decline of Banking<\/a>,” (with Richard Rosen), Journal of Finance<\/em>, Vol. 50, No. 5: 1377-1420.<\/p>\n

(1995) “Banks and Loan Sales: Marketing Non-Marketable Assets<\/a>,” (with George Pennacchi), Journal of Monetary Economics<\/em> 35(3): 389-411.<\/p>\n

(1995) “Banks and Derivatives<\/a>,” with Richard Rosen, National Bureau of Economic Research Macroeconomics Annual 1995<\/em> (MIT Press).<\/p>\n

(1994) “Arbitrage Chains<\/a>,” (with James Dow), Journal of Finance<\/em> Vol. 49: 819-850.<\/p>\n

(1994) “Bank Regulation When ‘Banks’ and ‘Banking’ Are Not the Same<\/a>,” Oxford Review of Economic Policy (Winter, 1994), Vol. 10, No. 4: 106-119.<\/p>\n

(1993) “Security Market Returns and the Social Discount Rate: A Note on Welfare and Overlapping Generations<\/a>,” (with James Dow), Economics Letters<\/em>, Vol. 43: 23-26.<\/p>\n

(1993) “Coordination Failure, Multiple Equilibria, and Economic Institutions<\/a>,” (with Henning Bohn), Economica<\/em>, Vol. 60: 257-280.<\/p>\n

(1993) “Churning Bubbles<\/a>,” (with Franklin Allen), Review of Economic Studies<\/em> (previously entitled “Rational Finite Bubbles”), Vol. 60(4), no. 205: 813-836.<\/p>\n

(1993) “Trading, Communication and the Response of Asset Prices to News<\/a>,” (with James Dow), Economic Journal<\/em>, Vol. 103, No, 418.<\/p>\n

(1993) “Security Baskets and Index-Linked Securities<\/a>,” (with George Pennacchi), Journal of Business<\/em>, Vol. 66, No. 1: 1-29.\u00a0 (Lead article.)<\/p>\n

(1993) “Money Market Funds and Finance Companies: Are They the Banks of the Future?,” (with George Pennacchi), in Structural Change in Banking<\/em> (Irwin Publishing: Homewood, IL), Michael Klausner and Lawrence White, eds.<\/p>\n

(1992) “Asymmetric Information, Market Microstructure, and Stock Price Manipulation<\/a>,” (with Franklin Allen), European Economic Review<\/em> 36: 624-30.<\/p>\n

(1991) “The Origins of Banking Panics: Models, Facts, and Bank Regulation<\/a>,” (with Charles Calomiris), in Financial Markets and Financial Crises<\/em>, ed. Glenn Hubbard (University of Chicago Press).<\/p>\n

(1990) “Financial Intermediaries and Liquidity Creation<\/a>,” (with George Pennacchi), Journal of Finance<\/em> 45:1, 49-72.<\/p>\n

(1990) “Market Discipline and the Valuation of Bank Subordinated Debt<\/a>,” (with Anthony Santomero), Journal of Money, Credit and Banking<\/em> 22(1): 119-28.<\/p>\n

(1989) “Are Loan Sales Really Off-Balance Sheet?<\/a>,” (with George Pennacchi), Journal of Accounting, Auditing and Finance<\/em> 4:2, 125-45.<\/p>\n

(1988) “Banking Panics and Business Cycles<\/a>,” Oxford Economic Papers<\/em> 40, 751-81;<\/p>\n

(1987) “The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial Bank Clearinghouses<\/a>,” (with Don Mullineaux), Journal of Money, Credit and Banking<\/em> 19:4, 458-68.<\/p>\n

(1987) “Bank Deregulation, Credit Markets, and the Control of Capital<\/a>,” (with Joseph Haubrich), Carnegie-Rochester Conference Series on Public Policy<\/em> 26: 189-234.<\/p>\n

(1985) “Clearinghouses and the Origin of Central Banking in the U.S.<\/a>,” Journal of Economic History<\/em> 45:2., 277-83.<\/p>\n

(1985) “Banking Theory and Free Banking History: A Review Essay<\/a>,” Journal of Monetary Economics<\/em> 16:2 (September): 267-76.<\/p>\n

(1985) “Bank Suspension of Convertibility<\/a>,” Journal of Monetary Economics<\/em> 15(2): 177-93.<\/p>\n

Other Publications<\/strong><\/p>\n

“Banking Panics: D\u00e9j\u00e0 Vu All Over Again,” DealBook column, New York Times<\/em>, Monday, October 5, 2009.<\/p>\n

“The Subprime Mess,” The Milken Institute Review<\/em>, First Quarter, 2009, 36-47.<\/p>\n

“Banks, Banking, and Crises,” NBER Reporter (2007, No. 4).<\/p>\n

“Bank Liquidity Provision and Capital Regulation in Transition Economies,” with Andrew Winton,” Financial Sectors in Transition (William Davidson Institute), forthcoming.<\/p>\n

“Banks Respond to a Changing World,” Financial Times<\/em>.<\/p>\n

Review of Strong Managers, Weak Owners, by Mark Roe, Review of Financial Studies<\/em>, Vol. 9, No. 4 (1996).<\/p>\n

“Comment on Alternate Models for Clearance and Settlement: The Case of the Single European Capital Market,” Journal of Money, Credit, and Banking<\/em>, Vol. 28, No. 4 (November 1996, Part 2).<\/p>\n

“The Social Cost of Bank Capital,” with Andrew Winton, in Rethinking Bank Regulation<\/em>,<\/p>\n

Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1996.<\/p>\n

“Banks and Corporate Finance in Germany,” with Frank Schmid, in The New Tool Set<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1995.<\/p>\n

Review of Banks, Finance, and Investment in Germany, by Jeremy Edwards and Klaus Fischer, Journal of Economic Literature<\/em> 33 (1995): 28-30.<\/p>\n

Review of Commercial Bank Liquidity Management, Discretionary Reserve Behavior, and the Allocation of Credit, 1863-1913, by J.M. Carter, Journal of Economic History<\/em>, forthcoming.<\/p>\n

Review of The Future of American Banking, by David Rogers, Contemporary Sociology<\/em>, forthcoming.<\/p>\n

“Pricing Bank Loans,” with Jim Kahn, in FDICIA: An Appraisal<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1993.<\/p>\n

“Privatizing Deposit Insurance: Comments on the Ely Proposal,” The Cato Journal<\/em>, Vol. 13, no. 2, Fall 1993.<\/p>\n

“Organizational Forms in Banking: Comments,” with Richard Rosen, Journal of Banking and Finance<\/em>, forthcoming.<\/p>\n

“Comment on: ‘Bank Regulation, Reputation and Rents: Theory and Policy Implications,’ by A. Boot and S. Greenbaum, in Financial Intermediation in the Construction of Europe, edited by C. Mayer and X. Vives (Cambridge University Press: 1993).<\/p>\n

“The Size of the Banking Industry and Managerial Entrenchment,” with Richard Rosen, in Credit Markets in Transition<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1992.<\/p>\n

“Nonbanks and the Future of Banking,” with George Pennacchi, in Credit Markets in Transition<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1992.<\/p>\n

Review of Asymmetric Information, Corporate Finance, and Investment (University of Chicago Press, 1990), edited by Glen Hubbard, Journal of Economic Literature<\/em>, Vol. XXX (June 1992), 912-913.<\/p>\n

“Comments on the Chilean Banking Experience,” If Texas Were Chile: A Primer on Banking Reform, Phil Brock, ed. (ICS Press: San Francisco; 1992).<\/p>\n

“Clearinghouses,” The New Palgrave Dictionary of Money and Finance, John Eatwell, Murray Milgate, Peter Newman, eds., (London: Macmillan Press), forthcoming.<\/p>\n

“Panics,” The New Palgrave Dictionary of Money and Finance, John Eatwell, Murray Milgate, Peter Newman, eds., (London: Macmillan Press), forthcoming.<\/p>\n

“The Opening of New Markets for Bank Assets,” with George Pennacchi, in The Changing Market in Financial Services, ed. Alton Gilbert (Kluwer Academic Publishers: Norwell, MA; 1992).<\/p>\n

“Financial Innovation and the Provision of Liquidity Services,” with George Pennacchi, in Reform of Federal Deposit Insurance, ed. by James Barth and Dan Brumbaugh (Harper Collins Publishers; 1992).<\/p>\n

“Mergers Alone Don’t Cut Bank Costs,” Wall Street Journal<\/em>, op ed column, January 24,1992.<\/p>\n

“The Growth and Evolution of the Loan Sales Market,” in The Commercial Loan Resale Market, ed. by Jess Lederman, Linda Feinne and Mark Dzialga, (Probus Publishing: Chicago; 1991).<\/p>\n

“Innovations in Loan Sales: Implicit Contracts to Sell Nonmarketable Assets,” in The Commercial Loan Resale Market, ed. by Jess Lederman, Linda Feinne and Mark Dzialga, (Probus Publishing: Chicago; 1991).<\/p>\n

“Banking Panics,” in Business Cycles and Depressions: An Encyclopedia, ed. David Glasner (New York: Garland Publishing; 1997).<\/p>\n

“Clearinghouses,” in Business Cycles and Depressions: An Encyclopedia, ed. David Glasner (New York: Garland Publishing; 1997).<\/p>\n

“The Loan Sales Market,” with Joseph Haubrich, in Research in Financial Services, ed. George Kaufman, Vol. 2 (1990) (JAI Press Inc.).<\/p>\n

“Banking Panics and the Stock Market in the Late 19th Century: Comments,” in Crashes and Panics: The Lessons from History, ed. Eugene White (Dow Jones-Irwin, 1990).<\/p>\n

“Public Policy and the Evolution of Banking Markets,” in Bank System Risk: Charting a New Course<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1989: 233-52.<\/p>\n

“Comments on ‘The Role of Technological Change and Market Structure in Regulatory Reform’ by Ronald R. Braeutigam,” Journal of Financial Services Research<\/em> 2:3 (September 1989): 205-11.<\/p>\n

“The Market’s Evaluation of Bank Risk: A Methodological Approach,” with Anthony Santomero,” in The Financial Services Industry in the Year 2000: Risk and Efficiency<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1988: 202-18.<\/p>\n

“The Paradox of Loan Sales,” with Joseph Haubrich, in Merging Commercial and Investment Banking<\/em>, Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1987: 123-44.<\/p>\n

“Leading, Lagging and Coincident Indicators,” in The Handbook of Economic and Financial Measures, ed. F. Fabozzi and H. Greenfield (Dow Jones-Irwin, 1984): 182-96.<\/p>\n

“Private Bank Clearinghouses and the Origins of Central Banking,” Business Review<\/em> Federal Reserve Bank of Philadelphia (January-February 1984): 3-12.<\/p>\n

“Forecasting with the Index of Leading Indicators,” Business Review<\/em>, Federal Reserve Bank of Philadelphia (November-December 1982): 15-27 (shortened version reprinted in The Chartered Financial Analysts Digest<\/em> 13:2, Spring 1983).<\/p>\n<\/div>\n

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[vc_row][vc_column][vc_column_text] Books (2015) The Maze of Banking (Oxford University Press; 2015). (2012) Misunderstanding Financial Crises: Why We Don\u2019t See Them Coming (Oxford University Press; 2012). (2010) Slapped by the Invisible Hand: The Panic of 2007, (Oxford University Press). Papers (2015) “Good Booms, Bad Booms,” (with Guillermo Ordonez). (2015)\u00a0“Mobile Collateral versus Immobile Collateral,” (with Tyler Muir). […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"class_list":{"0":"post-15","1":"page","2":"type-page","3":"status-publish","5":"entry"},"_links":{"self":[{"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/pages\/15","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/comments?post=15"}],"version-history":[{"count":12,"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/pages\/15\/revisions"}],"predecessor-version":[{"id":403,"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/pages\/15\/revisions\/403"}],"wp:attachment":[{"href":"https:\/\/faculty.som.yale.edu\/garygorton\/wp-json\/wp\/v2\/media?parent=15"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}