About Me

I am a Ph.D. Candidate in Economics at Texas A&M University (expected 2027), specializing in macroeconomics, monetary economics, and fiscal policy. My research investigates how private-sector beliefs, attention, and firm heterogeneity shape the transmission of macroeconomic policies, drawing on firm-level microdata and macroeconomic modeling.

My job market paper, "Decoding Unconventional Monetary Policy: The Role of Firm-Level Heterogeneity", studies how the real effects of monetary policy depend on the informational content of policy announcements and on firms' attention and financial conditions.

In my teaching, I combine rigorous economic analysis with real-world problems to help students develop disciplined reasoning they can apply well beyond the classroom. I am a CIRTL Associate Fellow of the Academy for Future Faculty at Texas A&M.

Beyond academia, I have served as a consultant for the Inter-American Development Bank and contribute to policy-oriented research with direct implications for policymaking. I am a member of the Economics Research Network of the Colombian Central Bank.

You can find my CV here, and you can contact me at jorgehirs@tamu.edu.

Jorge Hirs-Garzón
Affiliation
Department of Economics
Texas A&M University
Fields
Macroeconomics
Fiscal & Monetary Policy

CV

Curriculum Vitae Jorge_Hirs_CV.pdf — last updated Spring 2026
Download PDF

Education

Ph.D. in Economics
Texas A&M University
Committee: Tatevik Sekhposyan (Chair), Sarah Zubairy (Co-Chair), Pedro Bento.
B.A. in Economics
Universidad del Valle, Colombia

Research Fields

Macroeconomics · Monetary Economics · Fiscal Policy

Affiliations

Economics Research Network
Banco de la República (Central Bank of Colombia)

Professional Experience

Consultant, Fiscal Division
Inter-American Development Bank · Washington, D.C. / Bogotá
Consultant–Research Fellow
Inter-American Development Bank · Bogotá
Analyst, Credit Risk Department
Financial Superintendence of Colombia · Bogotá
Research Assistant
Banco de la República (Central Bank of Colombia) · Bogotá

Honors & Awards

  • Best Graduate Student Course Instructor, Department of Economics, Texas A&M University · 2025
  • NH Webber Scholarship, Private Enterprise Research Center, Texas A&M University · 2025
  • E. Ralph Daniel Scholarship, Private Enterprise Research Center, Texas A&M University · 2024
  • Honorable Mention, Outstanding Teaching Assistant, Department of Economics, Texas A&M University · 2023–2024
  • Graduate Assistantship, Department of Economics, Texas A&M University · 2022–present
  • Academic Excellence Award, Universidad del Valle · 2012–2016
  • Academy for Future Faculty (AFF) Certification, Center for Teaching Excellence, Texas A&M · 2026

Professional Service

Refereeing: Energy Economics (2 reports), Journal of Real Estate Finance and Economics, Applied Economics Letters.

Departmental: Guest Speaker, Teaching Course for Economics Ph.D. Students, Texas A&M University (2026); Mentor for Ph.D. Students, Department of Economics, Texas A&M University (2023–present).

Skills & Languages

Software: Stata, MATLAB, R, Python

Languages: Spanish (native), English (fluent)

References available upon request. Full CV available as PDF above.

Research

Job Market Paper
Job Market Paper
Decoding Unconventional Monetary Policy: The Role of Firm-Level Heterogeneity
Sole-authored

This paper studies how monetary policy—both conventional and unconventional—transmits to firm investment, emphasizing the roles of attention and financial conditions. I construct a firm-level measure of attention to monetary policy using earnings conference call transcripts and identify conventional, Odyssean, and Delphic policy shocks from high-frequency asset price movements around FOMC announcements. The effects of policy depend on its informational content: Odyssean forward guidance—reflecting commitment to a future policy path—generates stronger investment responses among attentive firms, while Delphic guidance—conveying the central bank’s assessment of economic fundamentals—and conventional policy transmit primarily through financial conditions, with a limited role for attention. I rationalize these findings with a framework in which firms differ in attention and financial fragility, and policy affects investment through expected financing costs and economic fundamentals. The results imply that the real effects of monetary policy depend on both the type of information conveyed and firm-level heterogeneity.

Working Papers
Fiscal Assessments Through the Lens of Firms: Corporate Perceptions and the Transmission of Fiscal Policy
with L. Andrian and O. Valencia · Submitted
How Partisanship Shapes Economic Expectations: Evidence from the 2025 U.S. Tariff Announcement
with Taewon Hwang and Yoon Joo Jo · Submitted
Firm-Level Risk Perceptions and the Transmission of Monetary Policy Shocks
Submitted
Publications
Fiscal Rules and Economic Cycles: Quality (Always) Matters
with L. Andrian, O. Valencia and I. Urrea · European Journal of Political Economy, Vol. 85, 102591, December 2024
Global Effects of US Uncertainty: Real and Financial Shocks on Real and Financial Markets
with J. Gómez-González and J.M. Uribe · Economic Systems, Vol. 48(3), 101180, September 2024
Financial and Macroeconomic Uncertainties and Real Estate Markets
with J. Gómez-González, S. Sanin-Restrepo and J.M. Uribe · Eastern Economic Journal, Vol. 50(1), pp. 29–53, 2024
Interdependent Capital Structure Choices and the Macroeconomy
with J. Gómez-González and J.M. Uribe · North American Journal of Economics and Finance, Vol. 62, 101750, 2022
Spillovers Beyond the Variance: Higher-Order Risk Linkages Between Commodity Markets and Global Financial Markets
with J. Gómez-González and J.M. Uribe · Journal of Commodity Markets, Vol. 28, 100258, 2022
Dynamic Spillovers Between REITs and Stock Markets in Global Financial Markets
with J. Gómez-González · Journal of Real Estate Portfolio Management, 27(1), 20–28, 2021
Dynamic Relations Between Oil and Stock Markets: Volatility Spillovers, Networks and Causality
with J. Gómez-González and S. Sanin-Restrepo · International Economics, Vol. 165, pp. 37–50, 2021
Dynamic Relations Between Oil and Stock Market Returns: A Multi-Country Study
with J. Gómez-González and J. Gamboa-Arbeláez · North American Journal of Economics and Finance, Vol. 51, 101082, 2020
Giving and Receiving: Exploring the Predictive-Causality Between Oil Prices and Exchange Rates
with J. Gómez-González and J.M. Uribe · International Finance, Vol. 23(1), pp. 175–194, 2020
When Bubble Meets Bubble: Contagion in OECD Countries
with J. Gamboa-Arbeláez, J. Gómez-González and A. Pinchao-Rosero · Journal of Real Estate Finance and Economics, Vol. 56(4), pp. 546–566, 2018

Teaching

★ Recognition

Best Graduate Student Course Instructor, 2025

Department of Economics, Texas A&M University

My teaching philosophy rests on the belief that economics is not a collection of models to memorize but a framework for making sense of the world. I want students to leave my courses with a way of thinking — one that helps them evaluate evidence, reason through trade-offs, and form disciplined judgments about complex questions. Because students arrive with different backgrounds, my role is to guide them as they turn curiosity into structured reasoning and the confidence to apply it independently. As a CIRTL Associate Fellow of the Academy for Future Faculty, I am committed to evidence-based, student-centered teaching. Please make sure to review the Macro Lab, an open, browser-based companion to Intermediate Macroeconomics where students experiment with the core models of the course and build intuition through hands-on simulation.

Department of Economics, Texas A&M University

Instructor of Record · Rate My Professors
Contemporary Economic Issues (Undergraduate) — Fall 2025
4.92 / 5
Selected student comments
"The learning environment was extremely effective and engaging. The professor allowed us to not only learn through him, but through one another."
"He made me actually want to be in class and engage with the material. Very amazing person through and through."
"This class actually let me apply the knowledge I had, which was very helpful as opposed to just a theory-based math class."
"This course helped me greatly in interviews where macroeconomics were an important topic."
"He made sure students truly learned the topic discussed. With many assignments being open-ended, testing your own ability to critically think."
"Many lessons weren't just to learn in the moment for the test, but rather stuck with me as true findings in recent economic issues in today's society."
Contemporary Economic Issues (Undergraduate) — Spring 2025
4.87 / 5
Selected student comments
"Great professor who genuinely cares about students and course learning."
"He is an excellent instructor. We were provided with a learning environment that encourages everyone to feel comfortable sharing their knowledge."
"He was a wonderful professor — I would take his class again a hundred times out of a hundred. Very nice man as well."
"He did his best to keep everyone engaged and found new ways to get people to participate. He took the time to learn our names and speak to us when we entered and exited the classroom. You could tell he has motivation to teach."
"Created the best learning environment that I have had at A&M."

Teaching Assistant

Honorable Mention for Outstanding Teaching Assistant, Department of Economics, Texas A&M University, 2023–2024.
  • Introduction to Economic Data Analysis (Undergraduate) — Spring 2026
  • Contemporary Economic Issues (Undergraduate) — Fall 2023, Fall 2024
  • Macroeconomic Theory (Undergraduate) — Fall 2022, Spring 2023, Spring 2024

Macro Lab

Macro Lab is an open, interactive companion to Intermediate Macroeconomics (ECON 410) that I am building to help students move from passive reading to active experimentation with the core models of the course. Each section pairs a structured lab guide with a set of browser-based modules where students adjust parameters, observe dynamics, and develop intuition for the mechanics behind the math. The lab is a work in progress and is openly available — students and instructors are welcome to use and adapt the materials.

Lab Guides are provided in Word format and contain the worksheets that accompany each set of interactive modules. Additional sections will be added as the lab develops. For questions, suggestions, or to use these materials in your own class, please get in touch.

License. All Macro Lab materials are released under a Creative Commons Attribution 4.0 International License (CC BY 4.0). You are free to use, adapt, and share these materials in your own classroom, with attribution. Suggested citation: Hirs-Garzón, J. (2026). Macro Lab: Interactive Modules for Intermediate Macroeconomics (ECON 410).

Policy Work

I work at the intersection of academic research and economic policymaking, producing analysis that informs fiscal and monetary policy debates in Latin America and beyond. My policy-oriented work — published primarily through the Inter-American Development Bank (IDB) — focuses on fiscal rules, sovereign risk, public investment, and macrofiscal outcomes. I am a member of the Economics Research Network of the Colombian Central Bank.

Policy Reports & Notes
The Evolution of External Shocks and Macrofiscal Outcomes in the Andes
with J.L. Saboin, L. Andrian, and A. Chávez · Inter-American Development Bank, 2024
Instituciones fiscales en los países de la Región Andina y retos derivados del proceso de descarbonización
with L. Andrian and O. Valencia · Inter-American Development Bank, 2023
Prioridades para la digitalización empresarial en América Latina y el Caribe
with F. Vargas · Inter-American Development Bank, 2023
Planificación y priorización ex ante de la inversión pública en los países andinos
with E. Armendáriz, L.G. Andrian, and E. Contreras · Inter-American Development Bank, 2021
Colombia: Desafíos de Desarrollo en Tiempos de COVID-19
with L. Andrian · Inter-American Development Bank, 2020
Las finanzas públicas y la crisis por Covid-19 en los países andinos
with L. Andrian and M.C. Deza · Inter-American Development Bank, 2020
LAC Post COVID-19: Challenges and Opportunities for the Andean Region
with E. Abuelafia et al. · Inter-American Development Bank, 2020
Notas de infraestructura de país: Región andina
with L.G. Andrian et al. · Inter-American Development Bank, 2019
Impacto de Subsidios en el Agro: Una mirada desde el sector cafetero
with J. Echavarría, J. Gamboa-Arbeláez, and M. Villamizar-Villegas · Borradores de Economía, Banco de la República, No. 1021, 2017
El programa de apoyos para estudios en el exterior del Banco de la República y la formación del capital humano en el área económica en Colombia
with J. Gamboa-Arbeláez, J. Gómez-González, A. Meisel-Roca, and J. Ojeda-Joya · Borradores de Economía, Banco de la República, No. 973, 2016
Books (Editor)
Cómo acelerar el crecimiento económico y fortalecer la clase media: Colombia
L. Andrián and J. Hirs (Editors) · Inter-American Development Bank, 2020