We allow for a stochastic capital share into a real-business-cycle setup with a government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999–2018). We investigate the quantitative importance of the variability in capital share for cyclical fluctuations in Bulgaria. In particular, allowing for a stochastic capital share in the model increases variability of investment and employment, at the cost of decreasing the volatility of wages, and causing employment to become countercyclical. JEL Classification: E24, E32

中文翻译：

---

具有随机资本份额的真实商业周期模型：保加利亚的经验教训（1999–2018年）

我们允许与政府部门在实际商业周期中随机分配资本。在引入货币发行局安排之后（1999-2018年），我们将该模型校准为保加利亚数据。我们调查了保加利亚周期性波动的资本份额变化的定量重要性。特别是，在模型中考虑到随机的资本份额会增加投资和就业的可变性，其代价是降低工资的波动性，并使就业成为反周期。JEL分类：E24，E32