As a result, a tightening of monetary policy is likely to have an unambiguously restrictive impact on those countries whose exchange rates are pegged to the dollar. For countries with floating exchange rates, on the other hand, the exchange rate and income effects of rising U.S. interest rates are likely to be offsetting.
These tools come 1/7  BIS central bankers' speeches  with many caveats. Indeed, many were the first to point an accusatory finger at such modelling frameworks in the aftermath of the financial crisis. The main criticisms were that models were missing key features of the economy (e.g. financial interactions) and/or were based on unrealistic assumptions.