The role of the Federal Reserve's monetary policy in the propagation of cycles in residential construction has long been a subject of interest to economists. This paper considers the hypothesis that it is only the uniahticipated component of money supply growth that affects built-for-sale, single-family housing starts in the United States'. Using quarterly data for the 1964-1977 period, tests similar to those performed by Barro  and others on broader macroeconomic variables are shown to support this hypothesis.
This paper was published in Falk, Barry L. Unanticipated Money Supply Growth and Single-Family Housing Starts in the US: 1964-1983. No. 11099. 1986.
Falk, Barry, "Unanticipated Money Supply Growth and Single-Family Housing Starts in the U.S.: 1964-1977" (1984). Economic Staff Paper Series. 37.