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Monetary policy and fiscal policy are different in this way. Fiscal policy is a term referencing taxation, government expenditures and the borrowing associated with both. Fiscal policy is just the government’s business plan Monetary policy is a targeted means of managing the value of money.
1)Interest rate: Central bank uses monetary policy to determine interest rate at which banks lend money. Lower interest rate means cheaper loan, and vice versa.
2) Inflation: Monetary policy can be used to control inflation. Of course higher inflation means items are very expensive affecting me personally.
3) Increase growth or create jobs: If government want to increase growth or create more jobs, it can increase spending. More jobs better for me. This is where fiscal policy comes in.
Please let me know if you need any clarification. I'm always happy to answer your questions.
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