Mauricio Villamizar
Recent Posts
Vínculo externo
MAURICIO has been a Board Member of the Colombian Central Bank (Banco de la República) since February 2021. Born in Cali (Colombia), he holds a M.A. and B.A. in Economics from Universidad de los Andes and a Ph.D. and M.A. in Economics from Georgetown University. Having joined the Central Bank in 2014 as a research economist, he went on to work as Chief Officer for Economic Studies in 2018.
Education
- Ph.D. in Economics, Georgetown University, Washington. D.C., United States fo America, 2014.
- M.A. in Economics, Georgetown University, Washington, D.C., United States fo America, 2010.
- M.A. in Economics, Universidad de los Andes, Bogotá - Colombia, 2007.
- B.A. in Economics, Universidad de los Andes, Bogotá - Colombia, 2006.
Professional Experience
- Board Member of Banco de la República, February 2021 to date.
- Chief Officer for Economic Studies at Banco de la República, 2018 - February 2021.
- Secondment at the Bank for International Settlements, 2017.
- Research Economist at Banco de la República, 2014 – 2018.
- Economic Specialist at USAID / Colombia, 2007–2009.
- Economic Analyst at the Colombian Congress (Legislative Team, UTL), 2006.
- Economic Analyst at Banco de la República, 2005-2006.
Research Fields
Monetary Policy, Econometrics, International Finance and Empirical Macroeconomics.
Teaching
- Macro and International Finance. Universidad de los Andes, Colombia, 2014 - 2024.
- Game Theory (Micro II). Universidad del Rosario, Colombia, 2016.
- Macroeconomics. Universidad del Rosario, Colombia, 2015.
- International Finance. Georgetown University, United States of America, 2013.
- Principles of Macroeconomics. Universidad de los Andes, Colombia, 2011 and 2013.
Selected Publications
- “Mitos y realidades de la política monetaria”, with Bibiana Taboada-Arango, 2024. Banco de la República - Colombia.
- “Government Borrowing and Crowding Out” with Yasin Kursat Onder, Sara Restrepo, and Alejandra Ruiz, 2023. American Economic Journal: Macroeconomics, American Economic Association, Vol. 16(1), pages 286-321.
- “A comprehensive history of regression discontinuity designs: An empirical survey of the last 60 years” with Freddy Pinzón and Alejandra Ruiz. Journal of Economic Surveys, Wiley Blackwell, Vol. 36(4), pages 1130-1178.
- “Effectiveness of FX intervention and the flimsiness of exchange rate expectations” with Hernando Vargas, 2021. Journal of Financial Stability, article in press, ISSN 1572-3089.
- “The effectiveness of FX interventions: A meta-analysis” with Lucía Arango, Daniela Rodríguez, and Lukas Menkhoff, 2021. Journal of Financial Stability, article in press, ISSN 1572-3089.
- “More than words: Foreign exchange intervention under imperfect credibility,” with José Gómez and Julia Parra, 2021. Bulletin of Economic Research, Wiley Blackwell, Vol. 73(4) pages 499-507.
- “Exchange Rate Effects of financial Regulations” with David Pérez. 2019. Journal of International Money and Finance, Vol. 96 (C), pages 228-245.
- “Effects of interest rate caps on credit access,” with Juan Cubillos, Juliana Gamboa, Luis Melo, Sara Restrep and María José Roa, 2021. Journal of Regulatory Economics, Springer, Vol. 60(2), pages 117-139.
- “Effects of FX Intervention in Colombia: Evidence from a Rule-Based Policy in Colombia” with Guido Kuersteiner and David Phillips, 2018. Journal of International Economics, Vol. 113, pages 118-138.
- “The Effects of Monetary and Exchange Rate Policy Shocks: Evidence from an Emerging Market Economy,” with Kursat Onder, 2018. International Journal of Central Banking, Vol. 14(1), pages 159-199.
- “When Multiple Objectives Meet Multiple Instruments: Identifying Simultaneous Monetary Shocks” with Daniel Ordóñez and Juan Hernández, 2018. International Review of Economics & Finance, Vol. 21(2), pages 195-213.
- “A Theoretical Approach to Sterilized Foreign Exchange Intervention,” with David Pérez, 2017. Journal of Economic Surveys, Vol. (31)1, pages 343-365.
Selected Working Papers
- “Debt Moratorium: Theory and Evidence", with Yasin Kursat Onder and José Villegas. Borradores de Economía 1253, Banco de la República - Colombia.
- “Do Actions Speak Louder than Words? A Foreign Exchange Intervention Analysis" with Freddy Pinzón. Borradores de Economía 1223, Banco de la República - Colombia.
- “The Leading Role of Bank Supply Shocks", with Leonardo Bonilla. Borradores de Economía 1205, Banco de la República - Colombia.
- “Examining Macroprudential Policy through a Microprudential Lens", with Wilmar Cabrera, Santiago Gamba, and Camilo Gómez. Borradores de Economía 1212, Banco de la República - Colombia.
- “FX intervention and domestic credit: Evidence from high-frequency micro data” with Boris Hofmann and Hyun Song Shin. BIS Working Papers 774, Bank for International Settlements.
Fellowships, Grants and Awards
- Vernon E. Jordan Doctoral Fellowship Award for Best Research, 2012-2013
- Georgetown University Scholarship, 2009-2014
- Fulbright Scholarship, 2008-2014
- Institute of International Education-BARSA Award, 2009-2011
- Colfuturo Graduate Scholarship, 2009-2011
Interviews and presentations
- Presentation of the book “Mitos y realidades de la política monetaria” at FILBo 2026, with Bibiana Taboada and moderated by Economía para la Pipol, (April 23, 2026). Banco de la República and Economía para la Pipol.
- "No se puede gastar más por mucho tiempo: o se quiebran los hogares o se quiebra el Gobierno" by Mauricio Galindo. El Tiempo, December 8, 2025.
- "Deterioro ‘continuo y acelerado’ del gasto lo paga la gente con inflación, advierten desde Banco de la República: entrevista a Mauricio Villamizar" by Mauricio Galindo. El Tiempo, September 3, 2025.
Flickr Gallery
Publications and presentations by Mauricio Villamizar
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