This paper argues that any housing policy which attempts to redistribute expenditure on housing by working within the confines of the public sector must be extremely limited and is unlikely to be effective. It examines both the potential for and distributional implications of providing...

Over the past two decades a number of countries have experienced an increase in house prices at the same time that aggregate consumption has been observed to increase. Alternative hypotheses have been put forward to explain this pattern. In this paper we test these hypotheses by using repeated...