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A: The three main tools of monetary policy used by the Federal Reserve are open-market operations, the discount rate and the reserve requirements. Through the use of these three tools, the Fed can manipulate market movements to exercise control over the economy.
The Tools of Monetary Policy. The Fed has Four Major Tools of Monetary Policy. As we learned in the previous chapter, if banks gain excess reserves then the money supply will increase and if banks lose excess reserves than the money supply will decrease.