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Gary B. Gorton

Gary B. Gorton

Frederick Frank Class of 1954 Professor Emeritus of Management & Finance

Gary B. Gorton is Frederick Frank Class of 1954 Professor Emeritus of Management & 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.


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


Corporate Culture

A. K. Zentefis, G. Gorton and J. Grennan
Annual Review of Financial Economics, vol. 14, pp. 535-561

Investor Interest and the Returns to Commodity Investing

K.G. Rouwenhorst, G. Bhardwaj, and G. Gorton
Journal of Portfolio Management, issue 3, vol. 42, pp. 44-55


Working Papers

Selected Media Coverage

Kelly Evans: Uh-oh, it’s Gary Gorton
July 21, 2021

Gary Gorton on Recent Changes and the Future of the US Financial System
Princeton University Bendheim Center for Finance
April 15. 2021

Gorton Turns His Attention to Stablecoins
Financial Times
July 20, 2021

Interview with Gary Gorton
The Region, Federal Reserve Bank of Minneapolis
December 2010

"Misunderstanding Financial Crises", a Q&A with Gary Gorton
Financial Times, Alphaville
October 25, 2012

Can We Prevent Future Crises?
Yale Insights
December 3, 2013