If the Fed wants to close an inflationary gap how could it use the 3 tools of monetary policy to close the gap

Question

Suppose the Fed wants to close an inflationary gap. How could it use each of the three tools of monetary policy to close the gap?

The three tools of monetary policy are the required reserve ratio, the discount rate, and the open market operations.

Answer 1

the market interest rate, the quantity of money demanded, investment spending, aggregate demand, potential output, the price level, and equilibrium real GDP.