For example, if unconventional monetary policy actions lead to small positive effects on exports to emerging economies (EMs) and a feeble recovery in the source country but large capital outflows and asset price bubbles in the EMs, these policies could be rated Red. Global welfare would decrease with this policy.
If a policy has positive effects on both home and foreign countries, and therefore on global welfare, it would definitely be rated Green. Conventional monetary policy would typically fall in this category, as it would raise output in the home economy, and create demand for exports from the foreign economy.