Which of the following describes some of the differences between loose and tight monetary policy? Group of answer choices Loose monetary policy is also known as contractionary policy because it lowers interest rates, while tight monetary policy is also known as expansionary policy because it raises interest rates Loose monetary policy is more flexible and raises interest rates, while tight monetary policy is more rigid and lowers interest rates. Loose monetary policy is set by the state, while tight monetary policy is overseen by the federal government. Loose monetary policy encourages borrowing, while tight monetary policy discourages borrowing in the economy