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Yale professor Gary Gorton on the origins of money
Professor Gary Gorton, "The Financial Crisis: What Happened?"

Biography

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.

Yale School of Management
Frederick Frank Class of 1954 Professor of Management & Professor of Finance

Prior to Yale SOM, Gary B. Gorton was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he taught since the fall of 1983. He was also professor of economics in the College of Arts and Sciences at the University of Pennsylvania, and 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, 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 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.

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

Courses

  • Capital Markets MGT 947

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