Exercise 19.21. * Consider the model of Section 19.4, but assume that < 1. Characterize the
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Exercise 19.21. * Consider the model of Section 19.4, but assume that ε < 1. Characterize the equilibrium. Show that in this case countries that have lower discount rates will be relatively poor. Provide a precise intuition for this result. Explain why the assumption that ε < 1 may not be plausible.
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