Historically, construction of new houses has been one of the most interest-sensitive categories of aggregate expenditure. Recently, the financial press has carried a number of stories suggesting that because of financial deregulation and innovations in housing finance, this interest sensitivity has apparently decreased. If this is true, what are the implications for monetary policy？
简单翻译：

从历史上看,建设新房子一直是一个最狭义定义总支出种类。最近,进行了财经报纸的若干故事表明金融自由化,因为房地产金融创新具有明显的敏感性,这一兴趣下降。如果这是真的,暗示着货币政策呢?