Berument, HakanCeylan, N. B.2019-02-102019-02-1020081475-3685http://hdl.handle.net/11693/49176This paper assesses the response of a set of emerging markets' domestic interest rates to the US monetary policy surprises within a dynamic framework. Monthly data from Algeria, Bahrain, Israel, Jordan, Kuwait, Tunisia and Turkey for the 1989:03 to 2005:12 period reveal positive effects of the unanticipated Federal Funds target changes on the short-term interest rates of these countries. When we look at the effect of US monetary policy surprises for different Turkish interest rates, the evidence is robust for the 3 and 12-month rates, but government controlled interbank and treasury auction rates have reverse positions.EnglishMENA countriesFederal funds rateMonetary policyVAR analysisArticle10.2202/1475-3693.10651475-3693