What are the pros and cons of using contractionary and expansionary monetary policy tools under the following scenarios: recession or depression and robust economic growth?

Prior to working on this discussion, read chapters 12 and 13 in the course text and the article Monetary Policy: Stabilizing Prices and OutputLinks to an external site.. By law the Federal Reserve is required to monitor unemployment and Respond to the following components:

How does the Federal Reserve accomplish these goals?
What are the pros and cons of using contractionary and expansionary monetary policy tools under the following scenarios: recession or depression and robust economic growth?
What tool is the most appropriate among the different monetary policy tools available today?

https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Monetary-Policy

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