Compare and contrast between monetary and fiscal policies

What will be an ideal response?

Answer: Monetary policy involves adjusting the nation's money supply, the amount of "spendable" money in the economy at any given time, by increasing or decreasing interest rates. In the United States, monetary policy is controlled primarily by the Federal Reserve Board (often called "the Fed"), a group of government officials who oversee the country's central banking system.
Fiscal policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation. On the revenue side, governments can adjust the revenue they bring in by changing tax rates and various fees collected from individuals and businesses. When the federal government lowers the income tax rate, for instance, it does so with the hope that consumers and businesses will spend and invest the money they save by paying lower taxes.