One prominent example is the discussion about the international spillovers of unconventional monetary policies in the advanced economies. Clearly, sustained low interest rates and domestic bond purchases by central banks can spill over to asset prices elsewhere.
Recent empirical studies indicate, however, that the effect of the various rounds of QE policies by the US Federal Reserve has so far had a relatively small, albeit pro-cyclical, global impact.7 Furthermore, the international transmission of unconventional monetary policies is not homogeneous.