Which of the following is NOT typically considered a tool of fiscal policy?

Open market operations are not considered a tool of fiscal policy because they are a component of monetary policy, which is primarily managed by a country's central bank. Fiscal policy, on the other hand, involves government actions regarding taxation and spending.

Government spending, taxation, and transfer payments directly relate to how the government influences the economy through its budget and financial decisions. These tools are used to manage economic activity, stimulate growth, and influence overall demand in the economy. Open market operations, which involve the buying and selling of government securities to influence money supply and interest rates, fall under the jurisdiction of monetary authorities rather than fiscal authorities. Therefore, identifying open market operations as not a fiscal policy tool is accurate.