In this paper we provide some empirical support for the money neutrality implications of the Natural Rate Hypothesis (NRH). Traditionally, tests of the neutrality implications of the NRH have been concerned with measuring the effects (if any) of money supply changes on the economy-wide level of unemployment or real output. Directly related examples of work in this area include Barro (1977, 1978, 1981), Barro and Rush (1980), Gordon (1979), Hoffman and Schlagenhauf (1982), Leiderman (1980), Mishkin (1982), and Small (1979). Our point of departure from such tests is that we measure the effects of money supply changes on a particular industry.