Question 4 Generally, fiscal and monetary policies seek to be countercyclical but why might they end up being procyclical? The answer must mainly draw on the related module readings listed in the module handbook. [50 marks] Question 5 Analyse the risks and benefits of the public debt using the appropriate modelling framework. The answer must be based on Burda & Wyplosz (2009), Mishkin (2013), and Bowdler & Esteves (2013). [50 marks] End of Paper