Title: Orthogonal Laurent polynomials of two real variables

Abstract: In this paper we consider an appropriate ordering of the Laurent monomials $x^{i}y^{j}$, $i,j \in {\mathbb Z}$ that allows us to study sequences of orthogonal Laurent polynomials of the real variables $x$ and $y$ with respect to a positive Borel measure $\mu$ defined on ${\mathbb R}^2$ such that $\{ x=0 \}\cup \{ y=0 \} \not\in \textrm{supp}(\mu)$. This ordering is suitable for considering the {\em multiplication plus inverse multiplication operator} on each varibale $\left( x+\frac{1}{x}\right.$ and $\left. y+\frac{1}{y}\right)$, and as a result we obtain five-term recurrence relations, Christoffel-Darboux and confluent formulas for the reproducing kernel and a related Favard's theorem. A connection with the one variable case is also presented.