  The predicted and observed space density of cataclysmic variables (CVs) have
been for a long time discrepant by at least an order of magnitude. The standard
model of CV evolution predicts that the vast majority of CVs should be period
bouncers, whose space density has been recently measured to be $\rho \lesssim 2
\times 10^{-5}$ pc$^{-3}$. We performed population synthesis of CVs using an
updated version of the Binary Stellar Evolution (BSE) code for single and
binary star evolution. We find that the recently suggested empirical
prescription of consequential angular momentum loss (CAML) brings into
agreement predicted and observed space densities of CVs and period bouncers. To
progress with our understanding of CV evolution it is crucial to understand the
physical mechanism behind empirical CAML. Our changes to the BSE code are also
provided in details, which will allow the community to accurately model mass
transfer in interacting binaries in which degenerate objects accrete from
low-mass main-sequence donor stars.
