Empirical regularity is the standard case

Reference no: EM13692317

What does the Marshall-Lerner condition look like if the assumption that changes in the exchange rate are relatively small does not hold. Show the modified equation and explain how it is different - and how it makes a difference - compared to the standard case. Do you think that the empirical regularity is the standard case or the modified case you have derived? Explain.

Reference no: EM13692317

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