Housing is a key indicator of the economy, and researchers studied how monetary policy affects housing since the 1980s. They used a method called local projection to analyze the impact of policy shocks on housing variables. The study found that while monetary shocks affect housing, there has been no significant impact on home prices or investment since 1983. This suggests that changes in housing finance, rather than just stable monetary policy, have played a role in reducing the impact of policy shocks on housing.