The article examines how US monetary policy shocks affect 14 major OECD countries from 1981 to 2010. Negative US monetary policy shocks hurt GDP growth in the US, Canada, Japan, and Sweden, but benefit most other countries. The impact of these shocks on GDP growth has increased over time. During financial crises, the effects on economic and financial variables are stronger, especially on capital formation and asset prices. Overall, US monetary policy shocks affect different countries in various ways, with asset prices, interest rates, and trade playing key roles in transmitting these shocks.