diff --git a/sqlmesh/core/macros.py b/sqlmesh/core/macros.py
index 5d9867facd..1f8908af4e 100644
--- a/sqlmesh/core/macros.py
+++ b/sqlmesh/core/macros.py
@@ -5,7 +5,7 @@
 import types
 import typing as t
 from enum import Enum
-from functools import reduce
+from functools import lru_cache, reduce
 from itertools import chain
 from pathlib import Path
 from string import Template
@@ -237,7 +237,7 @@ def evaluate_macros(
                     self.transform(value) if isinstance(value, exp.Expression) else value
                 )
             if isinstance(node, exp.Identifier) and "@" in node.this:
-                text = self.template(node.this, self.locals)
+                text = self.template(node.this, {})
                 if node.this != text:
                     changed = True
                     node.args["this"] = text
@@ -287,18 +287,9 @@ def template(self, text: t.Any, local_variables: t.Dict[str, t.Any]) -> str:
         for k, v in chain(variables.items(), self.locals.items(), local_variables.items()):
             # try to convert all variables into sqlglot expressions
             # because they're going to be converted into strings in sql
-            # we use bare Exception instead of ValueError because there's
-            # a recursive error with MagicMock.
             # we don't convert strings because that would result in adding quotes
-            if not isinstance(v, str):
-                try:
-                    v = exp.convert(v)
-                except Exception:
-                    pass
-
-            if isinstance(v, exp.Expression):
-                v = v.sql(dialect=self.dialect)
-            mapping[k] = v
+            if k != c.SQLMESH_VARS:
+                mapping[k] = convert_sql(v, self.dialect)
 
         return MacroStrTemplate(str(text)).safe_substitute(mapping)
 
@@ -1378,3 +1369,30 @@ def _coerce(
             f"Coercion of expression '{expr}' to type '{typ}' failed. Using non coerced expression at '{path}'",
         )
         return expr
+
+
+def convert_sql(v: t.Any, dialect: DialectType) -> t.Any:
+    try:
+        return _cache_convert_sql(v, dialect, v.__class__)
+    # dicts aren't hashable but are convertable
+    except TypeError:
+        return _convert_sql(v, dialect)
+
+
+def _convert_sql(v: t.Any, dialect: DialectType) -> t.Any:
+    if not isinstance(v, str):
+        try:
+            v = exp.convert(v)
+        # we use bare Exception instead of ValueError because there's
+        # a recursive error with MagicMock.
+        except Exception:
+            pass
+
+    if isinstance(v, exp.Expression):
+        v = v.sql(dialect=dialect)
+    return v
+
+
+@lru_cache(maxsize=1028)
+def _cache_convert_sql(v: t.Any, dialect: DialectType, t: type) -> t.Any:
+    return _convert_sql(v, dialect)