An RBC model with non-Ricardian households: lessons for Bulgaria (1999–2018)

Purpose: We introduce non-Ricardian ("hand-to-mouth") myopic agents into an other- wise standard real-business-cycle (RBC) setup augmented with a detailed government sector.We investigate the quantitative importance of the presence of non-optimizing households for cyclical fluctuations in Bulgaria. Design Methodology/approach: We calibrate the RBC model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). Findings: We find that the inclusion of such non-Ricardian households improves model performance along several dimensions and generally provides a better match vis-a-vis data, as compared to the standard model populated with Ricardian agents only. Originality/value: This is a novel finding in the macroeconomic studies on Bulgaria using modern quantitative methods

Chemical composition of volatile extract from Inula aschersoniana Janka var. aschersoniana growing in Bulgaria

The chemical composition of the volatile oil of Inula aschersoniana was studied by GC and GC-MS. Fortyfive constituents representing 92.9% of the total oil were detected. The oil contained fatty acids (55.2%) and alkanes (14.1%), followed by oxygenated monoterpenes (9.6%), sesquiterpenoids (7.1%) and aromatic compounds (4.5%). It is characterized by relatively low content of terpenoids in total 16.7% only of which linalool (2.1%) and t-cadinol (2.2%) were the dominant components in this class of compounds. Cluster analysis (CA) was used for determination of the relationship between the species in Inula verbascifolia aggregate