There are two hurdles to overcome, in my view, but neither of them are insurmountable. The first is the inadequate data pool, the second a frequent absence of a need for the scientifically-based evaluation of policy measures. As Deputy President of the Bundesbank, one of my areas of responsibility is financial stability. This includes macroprudential policy.
Much of the discussion of the spillovers of U.S. monetary policy focuses on their effects on financial conditions in emerging market economies (EMEs). Some observers  2  See, for example, Adrian and others (2017) and the IMF’s most recent Global Financial Stability Report (2018) for discussion of the transmission of global risk shocks to domestic macroeconomic conditions.