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Part C (10 marks) Answer only one question from Part C in one SEPARATE examination book. Do not answer questions on this examination paper. a.

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Part C (10 marks) Answer only one question from Part C in one SEPARATE examination book. Do not answer questions on this examination paper. a. What is the Lucas critique? Why does it matter? Illustrate your answer with references to a famous episode in US. monetary history. (10 marks} b. Using your knowiedge from this course, assess the extent to which the European Monetary Union is a successful system of fixed exchange rates in comparison with the United States of America. (10 marks)

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