Recent Positions
International Consultant, United Nations Development Programme since September 2021.
Contributed with the United Nations Development Programme to assist the Royal Government of Cambodia in the implementation of the Integrated National Financing Framework being the penholder of the Feasibility Study on Khmer Riel Bonds, the Market Sounding on Government Securities, and the Issuance Plan for the first issuance of government securities in 2022. Wrote a report on how credit guarantees are being used as policy instrument for COVID-19 recovery, and provided guidelines for the selection criteria of the Women Entrepreneurs Guarantee Scheme (WEGS), launched in April 2022. Currently, assisting the Ministry of Economy and Finance (MEF) of Cambodia to draft the Comprehensive Policy Framework on the Development of Government Securities 2022 – 2028. Preparing the new round of market sounding to later develop the issuance plan of government securities for year 2023. Provided technical support to the MEF on Environmental, Social and Governance bonds, Impact bonds, and Public-Private Partnerships.
International Consultant, Inter-American Development Bank, November 2021 to August 2022.
Wrote a monograph on how corruption affects public finances around the world. The analysis provides a theoretical framework about the margins by which corruption reduces income, assets, and their return; and increases expenditure, liabilities, and their cost; in an intertemporal setting. This allows to describe how corruption determines optimal expenditure through its effects on the marginal rate of transformation, the marginal rate of substitution, and the lifetime resource constraints. In addition, evidence is provided on how corruption manifests in the banking, oil and mining sectors using information from almost 40,000 private and public companies around the world.
Director General, Instituto del Fondo Nacional para el Consumo de los Trabajadores (FONACOT), December 2018 – July 2021.
Administered and legally represented the Institution. Main results: 2,927,117 payroll credits for $53,968 million MXN. Lowered the costs of credits by 36%, reducing what debtors are paying by $6,875 million MXN. Lowered operating costs by $2,200 million MXN (-29%) and generated profits for $7,016 million MXN (+86%). Created a 4-month payment deferral program (April to July 2020), to aid during the initial months of the COVID’s Pandemic, without cost to debtor used by 571,048 persons for $938 million MXN. Credit portfolio of $26,156 million MXN (+25%) and net worth of $18,754 million MXN (+57%). Credit institution with the largest number of payroll credits in Mexico at 1,907,526 credits (30% of the market).
Manager of Research, Center for Latin American Monetary Studies (CEMLA), November 2013 – November 2018.
Main responsibilities included: setting the research agenda and designing and delivering services for central banks in Latin America and the Caribbean through joint research initiatives, conferences, seminars, courses and other research related activities, many of them coordinated with technical partners such as IMF, BIS, ECB, and the Bank of England, among others. Coordinated four joint projects among central bank’s researchers on: 1) Monetary Policy and Financial Stability in Latin America and the Caribbean, 2) International Spillovers of Monetary Policy, 3) Inflation Expectations, Their Measurement and the Estimate of Their Degree of Anchoring and 4) The Natural Interest Rate in Latin American Economies. Generate research in the following topics: 1) the study of macrofinancial linkages; 2) the measurement of the sources of economic fluctuations in emerging markets; and 3) the analysis of macroeconomic and financial regulation policies.
Professor, EGADE Business School, Tecnológico de Monterrey, June 2011 – July 2018.
Professor of Microeconomics of Banking and Open Economy Macroeconomics (PhD in Finance), Economics (PhD in Business Administration), Economic Environment for the Organization (Master in Business Administration and Master in Finance) and Macroeconomics and Public Policy (Master in Public Administration) at EGADE Business School and EGAP Government and Public Policy, Tecnológico de Monterrey.
Assistant Professor, Oberlin College, July 2008 – June 2011.
Professor of International Finance, Macroeconomic Theory, Economic Development, Market Failure in Financial Markets, Money, Banking, and the Financial System, Mathematical Methods for Economic Theory. In addition, co-organized the Honors seminar in both Spring 2010 and 2011.
Education
Ph.D., Economics, Boston University, Boston MA, January 2009.
Dissertation Title: Essays on Structural Macroeconometrics.
Dissertation Committee: Simon Gilchrist, John R. Harris and Adrien Verdelhan.
M.A., Political Economy, Boston University, Boston, MA, 2005.
B.A., Economics, Centro de Investigación y Docencia Económicas, Mexico, 2002.
Exchange Program, Northwestern University, Evanston, IL, Fall 1999.
Fields of Interest
Macroeconomics, Monetary Economics, International Economics and Financial Economics.
Work Experience
International Consultant, United Nations Development Programme since September 2021.
International Consultant, Inter-American Development Bank, November 2021 to August 2022.
Director General, Instituto del Fondo Nacional para el Consumo de los Trabajadores (FONACOT), December 2018 – July 2021.
Manager of Research, Center for Latin American Monetary Studies (CEMLA), November 2013 – November 2018.
Deputy Manager of Monetary Research, Center for Latin American Monetary Studies (CEMLA), May 2012 – November 2013.
Assistant Professor, Oberlin College, July 2008 – June 2011 (reappointed).
Visiting Scholar, Federal Reserve Bank of Cleveland, Summer 2010.
Consultant, Research Department, Inter-American Development Bank, Summer 2007.
Research Assistant, Boston University, Fall 2003 to Fall 2004.
Macroeconomist with Professor Raul Feliz, Macroeconomic consulting services for Emerging Markets Research departments of BNP-Paribas and Barclays Ltd. Macroeconomic analysis for BANCRECER, IXE, Prudential-Apollo, and Aeroméxico, January 2000 to July 2002.
Research Internship at Technical Advisory Office, Mexican Presidency, Summer 1996.
Teaching Experience
Instructor, EGADE Business School and EGAP Government and Public Policy, Tecnológico de Monterrey, since Fall 2011.
Instructor, International Finance, Macroeconomic Theory, Economic Development, Market Failure in Financial Markets, Money, Banking, and the Financial System, Mathematical Methods for Economic Theory, Oberlin College, Fall 2008 to Spring 2011.
Instructor, Intermediate Macroeconomic Analysis, Monetary and Banking Institutions, Boston University, Fall 2006 to Fall 2007.
Teaching Fellow, International Financial Policy, Kennedy School of Government, Harvard University, Spring 2006 and 2007.
Research Service
Co-Chairman of the 2018 Joint Research Network of CEMLA’s Central Banks on The natural interest rate in Latin American economies with Angel Estrada and Iván Kataryniuk from Banco de España.
Supervisor of the 2017 Joint Research Network of CEMLA’s Central Banks on Inflation Expectations: their measurement and degree of anchoring coordinated by Banco de la República, Colombia.
Co-Chairman of the 2015 Joint Research Network of CEMLA’s Central Banks on International Monetary Spillovers jointly with Angel Estrada from Banco de España.
Chairman of the 2014 Joint Research Network of CEMLA’s Central Banks on Monetary Policy and Financial Stability.
Technical Secretary of the Editorial Committee of Monetaria, November 2013 – May 2015.
Coordinator of CEMLA’s Research Webinar Series.
Publications
“Did the Introduction of Inflation Targeting Represent a Regime Switch of Monetary Policy in Latin America” with Sebastián Cadavid (2020) in Inflation Expectations, Their Measurement and the Estimate of Their Degree of Anchoring, A. Guarín, L. Melo and E. González (editors) Centro de Estudios Monetarios Latinoamericanos.
“Bank capital buffers around the world: Cyclical patterns and the effect of market power” with Oscar Carvallo (2018), Journal of Financial Stability 38 (October): 119-131 .
Monetary Policy and Financial Stability in Latin America and the Caribbean, Alberto Ortiz (editor) (2018) Centro de Estudios Monetarios Latinoamericanos. ISBN English version: 978-607-7734-89-5, ISBN Spanish version: 978-607-7734-90-1 available here.
“Targeting Long-Term Rates in a Model with Financial Frictions and Regime Switching” with Sebastián Cadavid and Gerardo Kattan (2018) in Monetary Policy and Financial Stability in Latin America, A. Ortiz (editor) Centro de Estudios Monetarios Latinoamericanos. Spanish version available here and presentation available here.
International Spillovers of Monetary Policy, Ángel Estrada García and Alberto Ortiz Bolaños (editors) (2017) Banco de España and Centro de Estudios Monetarios Latinoamericanos. ISBN: 978-607-7734-84-0.
“El impacto de la crisis financiera global de 2008 sobre las economías latinoamericanas: el papel de los fundamentos económicos” with Johana Maritsa Hernández Henao and Pedro Quintanilla Dieck (2015) in La Gran Recesión: Lecciones y Oportunidades para México, R. Santillán (editor) Tecnológico de Monterrey e Instituto de Ejecutivos de Finanzas.
“Estimating Credit Indexation in a Financial Accelerator Model” with Charles Carlstrom, Timothy Fuerst, and Matthias Paustian (2014), Journal of Economics Dynamics and Control, 46(September): 130-149.
“Credit Market Shocks, Monetary Policy, and Economic Fluctuations” (2013), Monetaria, 35(2): 317-369.
“Monetary and Fiscal Policies in a Sudden Stop: Is Tighter Brighter?” with Pablo Ottonello, Federico Sturzenegger, and Ernesto Talvi (2009) in Dealing with an International Credit Crunch: Policy Responses to Sudden Stops in Latin America, E. Cavallo and A. Izquierdo (eds.) Inter-American Development Bank.
“Estimating South African Reserve Bank’s Policy Reaction Rule” with Federico Sturzenegger (2007), South African Journal of Economics, 75(4): 659 – 680.
“Factores de Competitividad, Situación Nacional y Cadena Productiva de la Industria del Calzado en León, Guanajuato” with André Martínez (2000) Economía, Sociedad y Territorio, 2(7): 533-568.
Working Papers
“Monetary and Fiscal Policies Interactions in Mexico, 1981-2016” with Sebastián Cadavid and André Martínez Fritscher presentation.
“Credit Risk and the Macroeconomy: Evidence from an Estimated DSGE Model” with Simon Gilchrist and Egon Zakrajšek, presented at the JMCB/FRB Conference.
“On the Relative Importance of Trend Shocks and Financial Frictions for Small Open Economies´ modeling” with Jacob Wishart, presented at the AEA Meeting.
“Net Stable Funding Ratio and Financial Stability: Global Evidence” with Oscar Carvallo, Jonathan Barboza and Ignacio Garrón presented at the Regional Conference on the Implementation of International Financial Standards.
Work in Progress
“Financial conditions and monetary policy: the importance of non-linear effects” with Sebastián Cadavid presented at the VIII Meeting of CEMLA’s Heads of Financial Stability.
“Monetary and Fiscal Policies Interactions in Latin America” presented at the CEMLA-ECB Conference on The Interface between European and Latin American Monetary Policy Implementation.
“How Brazil, Chile, Colombia, Mexico and Peru have responded to terms of trade shocks during inflation targeting?” presented at the XII Meeting of Monetary Policy Managers.
“Characterization of Latin America Macroeconomic Policy Mix” with Maritza Hernández.
“Managerial practices and productivity in Mexico” with Jorge Mendoza.
Fellowships and Awards
Fulbright-Garcia Robles Scholarship, September 2002 to August 2005.
Consejo Nacional de Ciencia y Tecnología Scholarship, September 2002 to August 2005.
Promesan Fellowship to study in Northwestern University, Fall 1999.
President Mexican Association of Economics Students, April 1998 to April 1999.
Presentations
2021: Presentations for the Cambodian Ministry of Economics and Finance and the Cambodian National Bank.
2020: Weekly press conference on credits broadcasted live on TV and social networks.
2019: Presidents’ meeting of Cámara Nacional de la Industria de la Transformación (CANACINTRA), Industrials’ annual meeting of Confederación de Cámaras Industriales (CONCAMIN), and Presidents’ meeting of Confederación de Cámaras Nacionales de Comercio, Servicio y Turismo (CONCANACO SERVYTUR).
2018: Credit Market Frictions, Business Cyles, and Monetary Policy: A Research Conference in Honor of Charles Carlstrom and Timothy Fuerst at University of Notre Dame, XXIII CEMLA’s Research Network Conference, VIII Meeting of CEMLA’s Heads of Financial Stability at Banco Central de Costa Rica, Oxford-Indiana Macroeconomic Policy Conference, 14th Annual Dynare Conference at the European Central Bank, FIMEF Financial Conference, Banco de México, CEMLA-European Central Bank Seminar: Systemic Risk Measurement at Banco de España, 5th World Bank – Banco de España Research Conference at Banco de España, XX Annual Inflation Targeting Conference of the Banco Central do Brasil, XIV Meeting of Monetary Policy Managers at Banco Central de Reserva del Perú, Universidad Iberoamericana.
2017: LACEA-LAMES, XXII CEMLA´s Research Network Conference at Banco de la República, XIII Meeting of Monetary Policy Managers at Banco Central de Bolivia, World Congress of the International Economic Association, CEMLA – European Central Bank Conference: The Interface between European and Latin American Monetary Policy Implementation.
2016: BIS-IADB Seminar on Financial Cycles and Policy Responses in Latin America at Banco Central de la República Argentina, XXI CEMLA’s Research Network Conference at Banco Central do Brasil, IX BIS-CEMLA Roundtable: Inflation measurement, expectations and monetary policy at Banco Central de la República Dominicana, CEMLA-IMF Workshop and Roundtable on the use of DSGE models with financial frictions, XI Annual Seminar on Risk, Financial Stability and Banking at Banco Central do Brasil, V Meeting of CEMLA’s Heads of Financial Stability at CEMLA, XII Meeting of Monetary Policy Managers at Banco de España, Central Banking Conference hosted by the Centrale Bank van Curacao en Sint Maarten, CEMLA-Chicago Mercantile Exchange Seminar on Global commodity price drivers and implications for Latin America at Banco Central de Costa Rica, VI IMEF Congress on Financial Research.
2015: CEMLA’s Research Network Conference, Banco Central de República Dominicana, Banco Central del Ecuador.
2014: American Economic Association Meeting, Indiana University, CEMLA’s Research Webinar Series, IDB-JIF Conference, VII BIS-CEMLA Round Table on International Monetary Spillovers, Banco Central del Uruguay, ESPOL Guayaquil, CEMLA´s Research Network Conference.
2013: Banco de México, BIS-CEMLA Round Table on FX Intervention, Latin American Economic Association Meeting, CEMLA´s Research Network Conference at Banco de México.
2012: VI BIS-CEMLA Round Table on Debt Issues for Monetary Policy, Center for Latin American Monetary Studies, Colegio de México, Academy of Management Conference, CEMLA´s Research Network Conference at Banco Central del Uruguay.
2011: Econometric Society US Summer Meeting, Dynare Conference, Federal Reserve Bank of Atlanta, Tecnológico de Monterrey.
2010: Econometric Society World Congress, EGADE Business School, Amherst College, Qatar Central Bank, Midwest Economic Association Meeting.
2009: Banco Central de Reserva del Perú, Cleveland State University, Econometric Society Latin America Meeting, Federal Reserve Bank of Cleveland, Federal Reserve Bank of Dallas, Federal Reserve Board, Hamilton College, Universidad Autónoma de Nuevo León, Universidad Católica del Perú.
2008: Centro de Investigación y Docencia Económicas, Colegio de México, Dubai School of Government, Oberlin College, Universidad de Guanajuato.
Languages
English and Spanish.
Alberto Ortiz Bolaños 