@article{cacciatore_fiori_traum_2020, title={Hours and employment over the business cycle: A structural analysis}, volume={35}, ISSN={["1096-6099"]}, DOI={10.1016/j.red.2019.07.001}, abstractNote={We conduct Bayesian inference on a quantitative business-cycle model with search-and-matching frictions and a neoclassical hours-supply decision. Likelihood maximization with both U.S. macroeconomic and labor data shows the model cannot jointly reproduce the comovement of the labor margins with themselves and with macro data. A parsimonious set of features reconciles the model with the data: non-separable preferences with parametrized wealth effects and costly hours adjustment. The model offers a structural explanation for the observed time-varying comovement between the labor margins, being either positive or negative, across post-war U.S. recessions and recoveries. Moreover, the estimated model shows adjustment in the intensive margin contributes up to half the dynamics of total hours in these episodes, as intensive-margin adjustments increase employment losses during recessions and delay employment recoveries.}, journal={REVIEW OF ECONOMIC DYNAMICS}, author={Cacciatore, Matteo and Fiori, Giuseppe and Traum, Nora}, year={2020}, month={Jan}, pages={240–262} }
 @article{leeper_traum_walker_2017, title={Clearing up the fiscal multiplier morass}, volume={107}, number={8}, journal={American Economic Review}, author={Leeper, E. M. and Traum, N. and Walker, T. B.}, year={2017}, pages={2409–2454} }
 @article{traum_yang_2015, title={When does government debt crowd out investment?}, volume={30}, number={1}, journal={Journal of Applied Econometrics}, author={Traum, N. and Yang, S. C. S.}, year={2015}, pages={24–45} }
 @article{bi_traum_2014, title={Estimating fiscal limits: The case of Greece}, volume={29}, number={7}, journal={Journal of Applied Econometrics}, author={Bi, H. X. and Traum, N.}, year={2014}, pages={1053–1072} }
 @article{bi_traum_2012, title={Estimating sovereign default risk}, volume={102}, number={3}, journal={American Economic Review}, author={Bi, H. X. and Traum, N.}, year={2012}, pages={161–166} }
 @inproceedings{traum_yang_2011, title={Monetary and fiscal policy interactions in the post-war U.S.}, volume={55}, number={1}, booktitle={European Economic Review}, author={Traum, N. and Yang, S. C. S.}, year={2011}, pages={140–164} }