In analysing the effect of monetary policy on the exchange rate, it is worth bearing in mind that monetary policy measures that anchor the short end of the curve (such as the negative interest rate policy or forward guidance on the future rate path) may have different effects from measures that operate on term premia, such as the asset purchase programme (APP).
10 See Stephanie R. Aaronson, Mary C. Daly, William L. Wascher, and David W. Wilcox (2019), "Okun Revisited:  Who Benefits Most from a Strong Economy?” (PDF) Brookings Papers on Economic Activity, Spring, pp. 333–75. 11 See Lael Brainard (2021), “How Should We Think about Full Employment in the Federal Reserve’s Dual  Mandate?” in note 4. 4/4  BIS central bankers' speeches