Which of the following is NOT a tool of monetary policy? Open-market operations Changes in tax rates Changes in reserve requirements Changes in the discount rate Choose the most correct answer by clicking a button, or by typing a letter from the keyboard and pressing the tab key. Those who believed in the real-bills doctrine thought that the Great Depression was the result of: the failure of the Federal Reserve to conduct counter-cyclical policy. an outflow of gold. bank lending for speculation in the stock market. U.S. tariff policy. Choose the most correct answer by clicking a button, or by typing a letter from the keyboard and pressing the tab key.