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Assignment Remit

Module Learning Outcomes:

This assignment is designed to assess the following module learning outcomes. Your submission will be marked using the Grading Criteria given in the section below.

· Explain and compare standard theories in macroeconomics and monetary economics.

· Critically evaluate the dilemmas (including ethical) and constraints facing policy makers.

· Demonstrate the transmission mechanisms of various shocks through the economy.

· Apply and develop optimal monetary policy to real world economic problems.

· Develop analytical, digital and quantitative modelling skills, and written skills relating to economics.

Assignment:

Q1

Discuss how the European Monetary Union affects the capacity of its member countries to deal with asymmetric shocks. Discuss mechanisms or institutional arrangements which could alleviate the cost of the European Monetary Union associated with possible liquidity crises and forced defaults as in the 2007-2008 Global Financial Crisis.