ABSTRACT:
The coins of Sigismund III Vasa (1587–1632) were one of the most numerous foreign specimens to be found all over the Ottoman Empire. They were part of the coin circulation in the Bulgarian lands at the end of the 16th and in the first half of the 17th century. The Sigismund’s coins were preferred also as hoarding issues and that is why they are often presented in coin hoards from that time. The aim of this study is to present the variety of denominations of the ruler found in the region of Varna and to explain their significance and the role in the coin circulation in the Ottoman Empire in the 16th and 17th century.
In this paper we investigate the quantitative importance of efficiency wages of no-shirking type in explaining business cycle fluctuations in Bulgarian labor markets. This is done by augmenting a relatively standard real business cycle model with unobservable workers effort by employers and efficiency wage contracts, as well as through the inclusion of a detailed government sector. This imperfection in labor markets introduces a strong internal transmission mechanism that allows the model framework to capture the business cycles in Bulgarian data better than earlier models, and setups assuming perfectly-competitive labor markets in particular.