Which of the following is NOT a tool of monetary policy?

Monetary policy involves managing the money supply and interest rates to influence the economy, primarily carried out by a country's central bank. The correct choice highlights that fiscal spending adjustments are not a tool of monetary policy. Instead, fiscal policy refers to government spending and tax policies used to influence economic conditions, which is distinct from monetary policy.

Open market operations, the discount rate, and reserve requirements are essential tools that central banks use to control the money supply and affect economic activity. Open market operations involve buying or selling government securities to influence the level of bank reserves and overall liquidity. The discount rate is the interest rate charged to commercial banks for short-term loans from the central bank, affecting how much banks borrow and lend. Reserve requirements dictate the minimum reserves each bank must hold against deposits, impacting the bank's ability to create loans and expand the money supply.

In summary, fiscal spending adjustments do not fit within the monetary policy framework, which is why this choice is correct.