Abstract We shed light on housing price inertia by investigating how the home-sale mechanism affects housing price dynamics. Using Australian data, we find that auction prices forecast better and display less momentum than negotiated prices. These findings are robust to alternative price measurements and different sample selection corrections. Motivated by microtheory that predicts different weights for buyer and seller values in auction and negotiated prices, we decompose housing prices into two diffusion processes and interpret them as buyer value and seller value, respectively. The seller value updates much more slowly, which could be an important driver of housing price inertia.

Abstract This paper studies mental health spillovers among new mothers. We exploit variation in the mental health of peers in mother groups in the Danish public postnatal care program. We show that municipal nurses assign mothers arbitrarily to groups conditional on a narrow set of well-defined characteristics. Exposure to a depressed peer in the group increases mothers' mental health care uptake by 11 percent two years after birth. We document worse self-reported mental health and labor market outcomes for treated mothers. Exploring heterogeneity, we find suggestive evidence for mental health deterioration, rather than increased demand for health care, as mechanism