I am a Ph.D. Candidate in Economics at Texas A&M University (expected 2027), specializing in macroeconomics, monetary economics, and fiscal policy. I am on the 2026–2027 academic job market. 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.
Macroeconomics · Monetary Economics · Fiscal Policy
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).
Software: Stata, MATLAB, R, Python
Languages: Spanish (native), English (fluent)
References available upon request. Full CV available as PDF above.
I am an empirical macroeconomist studying how heterogeneity in beliefs, perceptions, and information processing shapes the transmission of macroeconomic policy. My research uses novel text-based measures, survey data, and high-frequency identification to examine how firms and households interpret macroeconomic policies and how differences in attention, perceived risk, and beliefs affect real economic decisions. More broadly, my research agenda seeks to make expectations and information processing directly measurable objects in macroeconomic analysis and to understand when and why otherwise similar policy actions generate different real outcomes.
This paper studies heterogeneity in firm investment responses to conventional and unconventional monetary policy, emphasizing attention and balance-sheet position. I construct a firm-level measure of attention to monetary policy using earnings conference call transcripts and combine it with conventional, Odyssean, and Delphic policy shocks identified in the literature from high-frequency asset price movements around FOMC announcements. The patterns of heterogeneity differ across shock types. Following an Odyssean easing, which reflects commitment to a future policy path, firms respond relatively more when their attention to monetary policy is high. For conventional policy and Delphic guidance, which conveys the central bank’s assessment of economic fundamentals, differential responses are associated primarily with firms’ balance-sheet positions, with a limited role for attention. I rationalize these findings with a framework in which firms differ in attention and financial fragility. The results highlight how the informational content of monetary policy affects heterogeneity in firm investment responses.
How do firms’ perceptions of the fiscal environment shape the transmission of fiscal policy across countries? We apply natural language processing to more than 390,000 corporate earnings calls from about 14,000 firms across 51 countries over two decades to construct globally comparable Fiscal Perceptions Indicators (FPI) capturing the incidence, risk framing, and tone of fiscal discussions. The indicators contain real-time information about fiscal stress: heightened concern is associated with higher sovereign spreads, weaker investment, and slower output growth. Exploiting externally identified fiscal shocks, we show that fiscal transmission varies systematically with firm sentiment. More favorable perceptions are associated with smaller increases in sovereign spreads and stronger real activity following contractionary fiscal shocks. This conditioning role remains when shocks are simultaneously interacted with initial debt-to-GDP and sovereign spreads. The results identify firm perceptions as a measurable source of heterogeneity in fiscal transmission across countries.
We study how households update expectations about the economic effects of tariffs following the “Liberation Day” policy announcement. Using an online survey experiment, we document substantial disagreement in subjective economic models, driven primarily by political affiliation. Providing evidence-based information leads to belief updating, but the form of updating depends on prior beliefs and the perceived novelty and interpretation of the information. When respondents largely agree on the direction of an effect—as in inflation—information is used to revise perceived magnitude. When prior beliefs are more dispersed—as in unemployment—updating occurs mainly through directional changes, often involving revisions in the underlying economic mechanism. These dynamics widen partisan gaps in inflation expectations but partially reduce differences in unemployment expectations, with no corresponding changes in political approval.
This paper examines how firm-level perceived risks shape the transmission of monetary policy shocks, leveraging risk measures derived from corporate earnings call transcripts. By distinguishing between Political and Non-Political Risks, the analysis reveals that firms perceiving higher risks reduce capital accumulation in response to expansionary monetary policy shocks. Risks tied to technology, environmental policies, and taxation significantly dampen investment responses, while trade and institutional risks show limited effects. These findings underscore the importance of firm-level heterogeneity in monetary policy frameworks and suggest that central banks can enhance policy effectiveness by monitoring firm-specific risk indicators.
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.
Detailed evaluations with comments are available upon request.
The score shown for each course corresponds to the course-evaluation item “The instructor fostered an effective learning environment.”
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).
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.
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