Central bank research hub - Papers by Enrique Covarrubias
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Research hub papers by author Enrique CovarrubiasenLabor market consequences of trade openness and competition in foreign markets
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{43E9F2D4-F577-703E-F5EF-9CD46425BBCC}.pdf
Bank of Mexico Working Papers by Chiquiar Daniel; Covarrubias Enrique; Salcedo AlejandrinaLabor market consequences of trade openness and competition in foreign markets2017-02-25T06:21:59ZWe analyze the labor market consequences of international trade, using the evidence provided by the behavior of Mexican labor markets after the introduction of NAFTA in the nineties and the accession of China to the WTO in 2001. Following an approach close to that proposed by Autor, Dorn and Hanson (2013), we use the local market variation on exposure to international markets to identify the effects of these events. We show that NAFTA integration reduced unemployment, and boosted employment and wages. Chinese competition tended to have the opposite effect. Additionally, we find that the labor market responses to international trade are heterogeneous across regions in the country, being significantly stronger in the regions closer to the U.S. border.Labor market consequences of trade openness and competition in foreign marketsFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{43E9F2D4-F577-703E-F5EF-9CD46425BBCC}.pdfDaniel ChiquiarAlejandrina SalcedoEnrique CovarrubiasChiquiar Daniel; Covarrubias Enrique; Salcedo Alejandrina2017-02Bank of Mexico Working PapersE24F14F16An Extension of the Sard-Smale Theorem to Domains with an Empty Interior
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{DCC1A0E6-2932-AA57-DE8B-132BD0A8AC5D}.pdf
Bank of Mexico Working Papers by Elvio Accinelli; Enrique CovarrubiasAn Extension of the Sard-Smale Theorem to Domains with an Empty Interior2013-12-21T06:39:00ZA stumbling block in the modelling of competitive markets with commodity and price spaces of infinite dimensions, arises from having positive cones with an empty interior. This issue precludes the use of tools of differential analysis, ranging from the definition of a derivative, to the use of more sophisticated results needed to understand determinacy of equilibria and, more generally, the structure of the equilibrium set. To overcome these issues, this paper extends the Preimage Theorem and the Sard-Smale Theorem to maps between spaces that may have an empty interior.An Extension of the Sard-Smale Theorem to Domains with an Empty InteriorFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{DCC1A0E6-2932-AA57-DE8B-132BD0A8AC5D}.pdfEnrique CovarrubiasElvio AccinelliElvio Accinelli; Enrique Covarrubias2013-12Bank of Mexico Working PapersGlobal Invertibility of Excess Demand Functions
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{B0082C2A-2FAA-D08C-1184-D77466FD990F}.pdf
Bank of Mexico Working Papers by Covarrubias EnriqueGlobal Invertibility of Excess Demand Functions2013-11-26T06:19:00ZIn this paper we provide necessary and sufficient conditions for the excess demand function of a pure exchange economy to be globally invertible so that there is a unique equilibrium. Indeed, we show that an excess demand function is globally invertible if and only if its Jacobian never vanishes and it is a proper map. Our result includes as special cases many partial results found in the literature that imply global uniqueness including Gale-Nikaido conditions and properties related to stability of equilibria. Furthermore, by showing that the condition is necessary, we are implicitly finding the weakest possible condition.Global Invertibility of Excess Demand FunctionsFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{B0082C2A-2FAA-D08C-1184-D77466FD990F}.pdfEnrique CovarrubiasCovarrubias Enrique2013-11Bank of Mexico Working PapersThe Number of Equilibria of Smooth Infinite Economies
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{14EE8887-387E-251D-7F06-0A9631F55808}.pdf
Bank of Mexico Working Papers by Covarrubias EnriqueThe Number of Equilibria of Smooth Infinite Economies2011-05-25T06:23:59ZWe construct an index theorem for smooth infinite economies that shows that generically the number of equilibria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria.The Number of Equilibria of Smooth Infinite EconomiesFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{14EE8887-387E-251D-7F06-0A9631F55808}.pdfEnrique CovarrubiasCovarrubias Enrique2011Bank of Mexico Working PapersThe Equilibrium Set of Economies with a Continuous Consumption Space
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{82090083-8040-261A-F80B-584AE25191BA}.pdf
Bank of Mexico Working Papers by Covarrubias EnriqueThe Equilibrium Set of Economies with a Continuous Consumption Space2010-07-26T17:42:59ZWe study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We show that the equilibrium set is contractible which implies that (i) there is a continuous economic policy linking any two equilibrium states, and (ii) any two such economic policies can be continuously deformed one into the other. We also give three equivalent formulations of the problem of global uniqueness of equilibria in terms of the projection map from the equilibrium set to the space of parameters. We finally study the local and global effects that the existence of critical economies has on the equilibrium set.The Equilibrium Set of Economies with a Continuous Consumption SpaceFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{82090083-8040-261A-F80B-584AE25191BA}.pdfEnrique CovarrubiasCovarrubias Enrique2010Bank of Mexico Working PapersD50D51D80D90Regular Infinite Economies
http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{A37473DF-33D5-931D-8227-69C026162C03}.pdf
Bank of Mexico Working Papers by Covarrubias EnriqueRegular Infinite Economies2010-04-12T17:42:00ZThe main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural projection map is smooth. We define regular and critical economies, and regular and critical prices, and we show that the set of regular economies coincides with the set of economies whose excess demand function has only regular prices. Generic determinacy of equilibria follows as a by-product.Regular Infinite EconomiesFull texthttp://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/documentos-de-investigacion/banxico/{A37473DF-33D5-931D-8227-69C026162C03}.pdfEnrique CovarrubiasCovarrubias Enrique2010Bank of Mexico Working PapersD5D50D51D80D90