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Economics of European Monetary Union 2014/15

Economics of European Monetary Union 2014/15. Description-Selected Topics-Assessment. Economics of European Monetary Union 2014/15. The Unit draws on the following four topics on the Economics of European Monetary Union (EMU) :

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Economics of European Monetary Union 2014/15

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  1. Economics of European Monetary Union 2014/15 Description-Selected Topics-Assessment

  2. Economics of European Monetary Union 2014/15 • The Unit draws on the following four topics on the Economics of European Monetary Union (EMU): • The first topic is methodological. It focuses on the economic foundations and performance of EMU. Emphasis is placed on the theory of Optimum Currency Areas, the performance of European Monetary Union (EMU) from 1999 to present and fiscal policy in EMU.

  3. Economics of European Monetary Union 2014/15 • The second topicdraws on comparative and institutional economics and their applications on EMU. • The third topic evaluates economic theory and its applications on EMU. The ISLMBP analysis on fixed exchange rates and its implications for the functioning and policy decisions in EMU provides the key focus of the analysis.

  4. Economics of European Monetary Union 2014/15 • The fourth topic assesses exchange rate modelling and their applications to debt crises under fixed exchange rate regimes and monetary unions. Three types of models are assessed: • The first-generation exchange rate regime crises models; • The second-generation exchange rate crises models; • De Grauwe’s model of debt crises in monetary unions

  5. Economics of European Monetary Union 2014/15 • Selected topics include: • Advantages and disadvantages of monetary unions with a single currency in relation to fixed exchange rate regimes; • The risks of default in monetary unions; The cases of Ireland, Portugal, Spain, Italy, Greece a and Argentina; • The need for a fiscal framework in monetary unions; • A comparison of the EMU with the USA monetary unions;

  6. Economics of European Monetary Union 2014/15 5. Debt servicing in the EMU, USA and Japan; Similarities and differences; 6. The Euro as a main reserve currency; Challenges and implications for international pricing; 7. Expansionary fiscal and monetary policies under fixed exchange rates using the ISLMBP model; 8. Contractionary fiscal policies under fixed exchange rates using the ISLMBP model;

  7. Economics of European Monetary Union 2014/15 9. The division of Eurozone between ‘EMU North’ and ‘EMU South’; 10. Examples of first generation exchange rate regime crises models 11. Copeland’s (2011) second generation exchange rate regime crises model 12. De Grauwe’s (2011) second generation debt crises model

  8. Economics of European Monetary Union 2014/15 • Assessment: • Consists of an 2,500 words essay (40%) and an exam (60%); • The essay is due for submission atthe beginning of the second term (usually after the Christmas break); • The 3 hours end of the year exam involves a choice of 4 questions out of a total of 8. All questions carry equal weight and there are no sections.

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