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Academic Guide ACADEMIC GUIDE 1 US FED 2 US FED INDEX Letter from the Secretary-General and the Undersecretary- 4 General Letter from the Undersecretary-General for Specialized 6 Agencies Letter from the Dais and the Situation Room 8 Brief description of the committee 10 Topic A: Reevaluation of FED competences 18 Topic B: Operative capacities of the organization 27 Specifics on procedure 34 QARMAS 36 Bibliography 37 3 PRESENTATION LETTER LETTER FROM THE SECRETARY-GENERAL AND THE UNDERSECRETARY GENERAL , S E T From the Office of the Secretary-General, it is with great A pleasure that we welcome you to the ninth version of the Modelo de Naciones Unidas de la Universidad de los Andes. G E My name is Jordi Enrique Buitrago Soetendal. I am a fourth- L year Law student with a minor in International Studies at E the Universidad de los Andes. For MONUA 2020, I have the D honour of accomplishing the biggest dream of my MUN career: serving as Secretary-General of MONUA. I have been R participating in MUN conferences for the last eight years, and A MONUA 2020 is with no doubt the most complex and exciting E challenge I have faced during all these years. Besides MUN, I D am passionate for my career, particularly for Criminal Law, as well as football and literature. On my behalf, I am Santiago Paz Ramos, a fourth-year Economics major with minors in International Relations and Law. In this edition, I have the huge honor to continue building dreams by your side, by serving as Undersecretary-General for MONUA 2020. I have been participating in these conferences for the past 7 years now, and each day I learn something new, meet one-of-a-kind people, and surpass the barriers of what I think I am capable of. Personally, asides from being deeply passionate about these conferences, I am profoundly interested in Political Economy, Macroeconometrics and music. 4 PRESENTATION LETTER LETTER FROM THE SECRETARY-GENERAL AND THE UNDERSECRETARY GENERAL We aspire to exceed the expectations you have from us in this edition of MONUA, by managing to build up an experience that is equally both welcoming and challenging, so as to encourage you to leave your comfort zones and challenge the boundaries of the self. For all other matters, we remain at your entire disposition, and we warmly welcome you beforehand to MONUA 2020. Best regards, Jordi Enrique Buitrago Soetendal - Secretary-General for MONUA 2020 Santiago Paz Ramos - Undersecretary-General for MONUA 2020 5 PRESENTATION LETTER LETTER FROM THE USG FOR SPECIALIZED AGENCIES , S E It is with pride that I welcome you to the Ninth version of the T Model of United Nations of Universidad de Los Andes (MONUA 2020). My name is Daniel Alberto Castañeda Eslava, I am 20 A years old, an undergraduate student of the sixth semester G of Psychology and Economics in this institution. It is for me E an authentic honor to serve as Under-Secretary-General for L Specialized Agencies. My goal for this year is to develop a truly E rigorous academic exercise and to accompany an experience D that will stand out for its challenging, academic and innovative character but, above all, for its excellence and human quality. R MONUA is for me an environment filled with opportunities A for all its attendants since we aim for the development of an E unforgettable and fruitful experience. D While being part of MONUA, you will notice that most of the in-committee experience allows you to enhance your qualities as a delegate by breaking your limits and creating new sets of possibilities, thus enriching your development in soft, academic and interpersonal skills. Conjointly, most of the social experiences will be the scenario in which you will forge a constitutive pillar of your development as a person, learning more and more about the challenges and goals that each one of you has in the Model of the United Nations world and, even more, in real life. After all, getting to know new people will give you new ideas and fill you with a global perspective, giving you the best possible moments in MUN you could ever have. MONUA 2020 is the legacy of people who wanted to build something unseen before, that is why to challenge ourselves 6 PRESENTATION LETTER LETTER FROM THE USG FOR SPECIALIZED AGENCIES to be excellent and go beyond what we thought possible of us is the least we can do in an environment such as this one. Furthermore, this Undersecretariat will search to signify and redefine the capacities of most of the organizations here present, which means that delegates will be challenged to empower their creativity by knowing the essence of an institution and recreating it to its core. Being this new for the Colombian circuit, the delegate will have, not only to redefine to the committee by its own hand and lobbying skills but to redefine itself while being the one who carries real power on the organism. As a result, having dynamic processes that will challenge the soft skills of the delegate and lead them towards excellence, giving them the ability to represent and create structures that are reliable to the specific organism and its environment. Finally, it is worth noting that we have given our best, with the exceptional team of eleven staffers that make up this undersecretariat, in order to grant a lasting and comprehensive experience that you will never forget. Concluding, with nothing more to say, we expect MONUA 2020 to be an experience filled with joy and opportunities through these five days. Remember, your legacy is being written by yourself, give your best on this experience. “Capitalism is altruistic, and it requires a certain altruism of each of us.” -Hendrith Smith Sincerely, Daniel Alberto Castañeda Eslava Under Secretary General for Specialized Agencies 7 PRESENTATION LETTER LETTER FROM THE DAIS AND THE SITUATION ROOM , S E We are really glad to welcome you all to MONUA 2020 and T the Federal Reserve System. As you know, MONUA has always been a conference that pushes boundaries when it comes A to the election of its committees, that is why this year our G proposal is based on academically demanding topics. The FED E serves as the central bank of the United States, the biggest L economy on earth. Thus, each of its decisions has long-lasting E and controversial effects on the national and international D economies. Having said that, we will present the team that will lead the debate during the conference. R A The first member of the Dais is Santiago Romero, who majors E in Economics at the University of Los Andes. Santiago is D also a former member of the Crisis Team, the international delegation that represents the university at many prestigious crisis-type models. Passionate about public economics, Santiago is very interested in macroeconomic theories and government affairs. Furthermore, he is very fond of the correct use of technical vocabulary and always seeks precision when presenting. The second member of the Dais is Daniel Bedoya Sanin, who is currently finishing its Masters Degree in International Studies. As Santiago, Daniel studied Economy at Universidad de los Andes and participated in several MUN’s in Colombia as well a two times in the Harvard’s National Model of United Nations with the university’s official delegation. He is interested in international trade, sustainable development, macroeconomic and tax policy and international trade law as well as feminism. During committee sessions, Daniel is very 8 PRESENTATION LETTER LETTER FROM THE DAIS AND THE SITUATION ROOM focused on the correct and respectful usage of procedure and encourages delegates to always share their knowledge with others. For him, every experience and opportunity is a chance to learn and to grow, and the best knowledge is the one built by working together. In the Situation Room, we have Nicolas Garrido, who currently majors in Economics with minors in Administration and Psychology at the University of Los Andes. Nicolas loves to play volleyball and in his spare time, he enjoys reading biographical books. He is a former member of ONUANDES LATAM, a delegation that participates in the Latin American UN simulation of Harvard University. His emphasis is on behavioral economics and nothing matters more to him in a delegate than their values. Having introduced both the Dais and the committee, there is nothing left but to wish you the best experience in MONUA and offer you our assistance with anything you need. Sincerely, Santiago Romero [email protected] Nicolás Garrido [email protected] Daniel Bedoya [email protected] 9 US FEDERAL RESERVE BRIEF DESCRIPTION OF THE COMMITTEE The Federal Reserve System, often known as the FED, is the central bank of the United States. Created by Congress in 1913, it is the entity in charge of promoting a sound monetary and financial system for the nation (Federal Reserve, 2019). The existence of a central bank results vital for long term stability and the creation of proper economic conditions throughout the monetary system. In fact, central banks are designed in part to help the financial system meet occasional liquidity strains. When demands for liquidity rise, central banks can respond by increasing the supply of money and thus adding liquidity to the system. Since it was created to broadly cover the main issues of the American economy, the FED serves five principal functions: 1. Conduction of the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; 2.
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