Paper by Luciani

Please check out a paper: Matteo Luciani, “Monetary Policy and the Housing Market:
A Structural Factor Analysis”.

Two things to note: the impact on the Fed funds rate from a monetary policy shock and the relative impact of monetary policy on the housing market. The first of these suggests that the initial effect may be Keynesian and a later effect might be monetarist. The second of these suggest that the impact of monetary policy might be quite large as compared to other events.