How different is the fiscal policy stimulus from the monetary policy stimulus?

Many experts and economists expect that during Trump's presidency, the American economy will depend on the fiscal policy stimulus rather than the monetary policy, as Trump is very likely to expand government expenditure to stimulate the US economy while the US Federal Reserve has already raised its base rates and may increase its base rates further in the future depending on the US economic performance at the time. What is the difference between the fiscal policy stimulus and the monetary policy stimulus?

The fiscal policy targets more in the infrastructure or other relatively basic industries in the economy. The government provides government funding to support some industrial development and create more job positions in the economy and a multiplier effect to stimulate the economy further. However, expanding government expenditure could lead to waste of public resources, as the use of government funding is decided by the authorities and ministries rather than the markets. These people may not be able to accurately measure the optimal distribution of public resources in the economy. In addition, some jobs created under the fiscal expansion would disappear after the period, in other words, the jobs created by the government are temporary jobs and the improvement in the employment of the economy may not be as good as we expect in the long term.

The monetary policy directly influences the financial system, the banking sector. It could create inequality in the society, as monetary resources are attracted by other monetary resources. By providing cheaper liquidity in the economy, the wealthier people and the large companies will be the first to benefit from such environment. Moreover, the use of money is in control of the banking sector that they may choose to maximise the private returns rather than the general social returns. And some areas may be left behind without the support from the banking sector.

Though monetary policy could stimulate the economy and is likely to be more economically efficient, it could worsen the social inequality. Meanwhile, fiscal policy programme may be less efficient and create burden on the current government budget.