What are the pros and cons of the three major variables in Monetary Policy?

Update: In monetary policy, I understand that the Federal Reserve can influence expansionary and contractionary monetary policy by means of changing the Federal Reserve interest rates, by changing the reserve ratio, or by buying and selling securities. However, I have trouble understanding what the pros and cons of each of... show more In monetary policy, I understand that the Federal Reserve can influence expansionary and contractionary monetary policy by means of changing the Federal Reserve interest rates, by changing the reserve ratio, or by buying and selling securities. However, I have trouble understanding what the pros and cons of each of those three are and their different implications.
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