Results for more recent periods show a much weaker relationship between target rate changes and other interest rates. For example, in applying the Cook and Hahn event-study approach to the 1987–1995 period, Roley and Sellon (1995) found that the bond rate rose a statistically insignificant four basis points for each percentage point change in the target funds rate. (They did, however, find some evidence that policy moves were anticipated in the latter period.) Similarly weak results for the 1989–1992 period were obtained by Radecki and Reinhart (1994)
