We introduce a category O of modules over the elliptic quantum group of sl_N with well-behaved q-character theory. We construct asymptotic modules as analytic continuation of a family of finite-dimensional modules, the Kirillov--Reshetikhin modules. In the Grothendieck ring of this category we prove two types of identities: generalized Baxter relations in the spirit of Frenkel--Hernandez between finite-dimensional modules and asymptotic modules; three-term Baxter TQ relations of infinite-dimensional modules.
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