DEPARTMENT OF ECONOMICS UNIVERSITY OF CYPRUS SOME EVIDENCE ON THE EFFECTS OF U.S. MONETARY POLICY ON CROSS EXCHANGE RATES Sarantis Kalyvitis and Alexander Michaelides Discussion Paper 2000-12 P.O. Box 20537, 1678 Nicosia, CYPRUS Tel.: ++357-2-892101, Fax: ++357-2-750310 Web site: http://www.econ.ucy.ac.cy