@article {1280991,
	title = {The Right Fit for the Wrong Reasons: Real Business Cycle in an Oil-Dependent Economy},
	journal = {Latin American Journal of Economics (former Cuadernos de Econom{\'\i}a)},
	volume = {53},
	number = {1},
	year = {2016},
	pages = {61-94},
	abstract = {Venezuela has an oil-dependent economy subject to large exogenous shocks and a rigid labor market. These features go straight to the heart of two weaknesses of real business cycle (RBC) theory widely reported in the literature: neither shocks are volatile enough nor real salaries suf ficiently flexible as required by the RBC framework to replicate the behavior of the economy. We calibrate a basic RBC model and compare a set of relevant statistics from RBC-simulated time series with actual data for Venezuela and the benchmark case of the United States (1950{\textendash}2008). Despite Venezuela being a heavily regulated economy, RBC-simulated series provide a good fit, in particular with regard to labor markets.},
	url = {https://www.jstor.org/stable/e90003530},
	author = {Miguel Santos}
}
