EC4413 European Macroeconomics

Academic year

2024 to 2025 Semester 2

Further information on which modules are specific to your programme.

Key module information

SCOTCAT credits

20

The Scottish Credit Accumulation and Transfer (SCOTCAT) system allows credits gained in Scotland to be transferred between institutions. The number of credits associated with a module gives an indication of the amount of learning effort required by the learner. European Credit Transfer System (ECTS) credits are half the value of SCOTCAT credits.

SCQF level

SCQF level 10

The Scottish Credit and Qualifications Framework (SCQF) provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Availability restrictions

Available to General Degree students with the permission of the Honours Adviser

Planned timetable

When confirmed, check online https://timetables.st-andrews.ac.uk/.

This information is given as indicative. Timetable may change at short notice depending on room availability.

Module coordinator

Dr S Godinjak

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module Staff

Dr Selma Godinjak

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module description

The purpose of the module is to explore the macroeconomic and monetary issues involved in European economic integration. After a historical introduction focused on the question of why the members of the EC/EU have sought a single market for trade and then monetary union, the module provides a thorough examination of the theory of optimum currency areas, including trade and capital market linkages; convergence; and the role of exchange rate stability (real or nominal) from a European perspective. We then investigate the monetary policy strategy of the ECB; the need for and use of fiscal policy in a currency union; the Stability Pact; fiscal federalism; the relationship between fiscal and monetary policy; and the desirability of fiscal rules to ensure financial sustainability. Finally, we will examine labour market difficulties and structural reform in the EU.

Assessment pattern

European Macroeconomics Challenge Video/Podcast (Group assignment) = 20%, Technical Assignment - Briefing (Individual) = 40%, Final Exam (individual) = 40%

Re-assessment

2-hour Written Examination = 100%

Learning and teaching methods and delivery

Weekly contact

20 hours of lectures over 10 weeks, 1-hour tutorial (x 5 weeks) plus 1 office hour (x 12 weeks).

Scheduled learning hours

25

The number of compulsory student:staff contact hours over the period of the module.

Guided independent study hours

175

The number of hours that students are expected to invest in independent study over the period of the module.

Intended learning outcomes

  • understand the important issue of a monetary union in Europe in the 1960s and 1980s.
  • understand the strengths and weaknesses of the various traditional criteria for identifying an optimum currency area.
  • understand the role played by the time-inconsistency literature in the debate on monetary union.
  • understand the economic justification for the Maastricht convergence criteria.
  • understand the independence and accountability of the European Central Bank.
  • understand the operation of monetary policy by the European Central Bank.
  • understand the economic justification for national budget deficit limits under EMU.
  • understand the problems that have emerged in the operation of EMU since the introduction of the euro.
  • understand the problems that have emerged in the operation of EMU since the introduction of the euro.