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://content.uagc.edu/books/Amacher.5279.18.1/sections/navpoint-1

Monetary Policy: Stabilizing Prices and Output (imf.org)