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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 [1977] and others on broader macroeconomic variables are shown to support this hypothesis.

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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.