Over the course of his career, Gary Gorton has gained a reputation for being something of an experts’ expert on financial systems. Despite being an academic, this is in large part due to what might be described as his practitioner’s take on many key issues.The Yale School of Management professor is, for example, best known for a highly respected (albeit still relatively obscure) theory about the role played in bank runs by information-sensitive assets. Given Gorton’s reputation for deep and thoughtful analysis (with a twist), it shouldn’t be surprising then that the professor is now turning his expertise to studying the run-risk of stablecoins. In a recently published piece co-authored with Jeffery Zhang, an attorney at the Board of Governors of the Federal Reserve
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Over the course of his career, Gary Gorton has gained a reputation for being...