Berument, HakanCeylan, N. B.2019-02-132019-02-1320109210-1737http://hdl.handle.net/11693/49392This paper assesses the effects of anticipated and unanticipated United States Federal Funds target rate changes on the domestic interest rates of a set of countries for the period from June 1989 to August 2008. The empirical evidence provided here suggests that i. unanticipated changes have a greater effect than anticipated changes; and ii. evidence from developed markets is stronger than that from developing/emerging markets.EnglishInterest ratesInternational transmission mechanismFed Funds target ratesMonetary policyArticle