This paper analyzes a two-commodity short-run macroeconomic model under fixed and flexible exchange rates. Goods are disaggregated into imports and exports. Both are consumed domestically, but only the latter is produced at home. While imports are available in international markets at a fixed...

Multi-object auctions are traditionally analyzed as if they were a number of simultaneous independent single object auctions. Such an approximation may be very crude if bidders have budget restrictions, capacity constraints, or, in general, have non-linear utility functions. This paper presents...