Gary B. Gorton is The Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management, which he joined in August 2008. Prior to joining Yale, he was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he taught from 1983 to 2008. Dr. Gorton has done research in many areas of finance and economics, including both theoretical and empirical work. He is the author of Slapped by the Invisible Hand: The Panic of 2007 (Oxford University Press) and Misunderstanding Financial Crises (Oxford University Press).

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 was a consultant to AIG Financial Products from 1996 to 2008.

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

Memberships
Research Associate, National Bureau of Economic Research, since March 1990
Member, New York Federal Reserve Bank Financial Advisory Roundtable, since January 2009

Selected Books and Book Chapters
"Liquidity Mismatch Measurement" (with M. Brunnermeier and A. Krishnamurthy), in M. Brunnermeier and A. Krishnamurthy, eds., Systemic Risk and Macro Modeling, forthcoming

"The Financial Crisis of 2007-2009" (with A. Metrick) in R. Whaples and R. Parker, eds., The Handbook of Major Events in Economic History, Routledge, forthcoming

"Securitization" (with A. Metrick), in G. Constantinides, M. Harris, and R. Stulz, eds., Handbook of the Economics of Finance, Vol. 2, Elsevier, forthcoming

Misunderstanding Financial Crises: Why We Don’t See Them Coming, Oxford University Press, 2012

Slapped by the Invisible Hand: The Panic of 2007, Oxford University Press, 2010

Selected Articles
"Collateral Crises" (with G. Ordoñez), American Economic Review, forthcoming

"Agency-Based Asset Pricing" (with P. He and L. Huang), Journal of Economic Theory, forthcoming.

"The Fundamentals of Commodity Futures Returns" (with F. Hayashi and K.G. Rouwenhorst), Review of Finance, Vol. 17, 35-105, January, 2013

"The Safe-Asset Share" (with S. Lewellen and A. Metrick), American Economic Review: Papers & Proceedings, Vol. 102, 101-106, May, 2012

"Getting Up to Speed on the Financial Crisis: A One-Weekend Reader's Guide" (with A. Metrick), Journal of Economic Literature, Vol. 50, 128-150, March 2012 (Spanish translation in Revista de Economia Institucional, Vol. 14, No. 26)

"Securitized Banking and the Run on Repo" (with A. Metrick), Journal of Financial Economics, 2012

"Security Price Informativeness and Delegated Traders" (with L. Huang and P. He), American Economic Journal: Microeconomics, Vol. 2, No. 4, 137-170, November, 2010

"Eat-or-be-Eaten: A Theory of Mergers and Merger Waves" (with M. Kahl and R. Rosen), Journal of Finance, Vol. 64, No. 3, June, 2009

"Bank Credit Cycles" (with P. He), Review of Economic Studies,  Vol. 75, No. 4, 1181-1214, October, 2008

"Facts and Fantasies about Commodity Futures" (with G. Rouwenhorst), Financial Analysts’ Journal, Vol. 62, No. 2, 47-68, March/April, 2006

Working Papers
"Who Ran on Repo?" (with A. Metrick)

"The Flight from Maturity" (with A. Metrick and L. Xie)

"Ignorance, Debt and Financial Crises" (with T.V.i Dang and B. Holmström)

"Repo Chains and Haircuts" (with T.V. Dang and B. Holmström)

"The Information Acquisition Sensitivity of a Security" (with T.V. Dang and B. Holmström)

Education
PhD University of Rochester, 1983
MA University of Rochester, 1980 
MA Cleveland State University, 1977
MA University of Michigan, 1974
BA Oberlin College, 1973