References Backus, D. and M. Crucini (1998), \Oil prices and the terms of trade," NBER Working Paper 6697. Baptista, A. (1997), \Bases cuantitativas de la economía Venezolana," Fundación Polar. Baxter, M. and M. Koutparitsas (2000), \What can account for °uctuations in the terms of trade?" Federal Reserve Bank of Chicago. Bruno, C. and F. Portier (1995), \A small Open Economy RBC Model: the French Economy Case," in Pierre-Yves Henin (1995), Ch. V, \Advances in Business Cycle Research," Springer. Calvo, G. and C. V¶egh (1999), \In°ation Stabilization and BOP crises in Developing Countries," Handbook of Macroeconomics, Vol. 1, J.B. Taylor and M. Woodford eds. Ch. 24. Cardia, E. (1991),\The dynamics of a small open economy in response to monetary, ¯scal, and productivity shocks," Journal of Monetary Economics 28, 411-434. Carmichael, B. and K. Sikoro (1999),\Liquidity Constraints and Business Cycles in Developing Economies," Review of Economics Dynamics 2, 370-402. Correia, I., J. Neves and S. Rebelo (1995),\Business cycle in a small open economy" European Economic Review 39, 1089-1113. Greenwood, J., Z. Hercowitz and G. Human (1988), \Investment, capacity utilization and the real business cycle," American Economic Review 78, 971-987. Hansen, G. D. (1985), \Indivisible Labor and the Business Cycle," Journal of Monetary Economics 16, 309-327. King, R. and S. Rebelo (1999), \Resuscitating Real Business Cycles," Handbook of Macroeconomics, Michael Woodford y John Taylor eds. Kydland, F and E.C. Prescott (1982), \Time to Build and Aggregate Fluctuations," Econometrica 50 (6), 1345-1370. Kollintzas, T. and V. Vassilatos (2000), \A small open economy model with transaction cost in foreign capital," European Economic Review 44, 1515-1541. Kose, M. A. and R. Riezman (2001), \Trade Shocks and Macroeconomic Fluctuations in Africa," Journal of Development Economics 65, 55-80. Kouparitsas, M. (1997), \North-South Terms of Trade: An empirical investigation," Federal Reserve Bank of Chicago. McCallum, B. (1989) \Real BusinessCycle Models," Ch. I in Modern Business Cycle Theory, Robert Barro ed., Harvard University Press. Cambridge Massachusetts. Mendoza, E. (1991) \Real Business Cycles in a Small Open Economy," The American Economic Review 81 (4). Mendoza, E. (1995) \The Terms of Trade, The real Exchange Rate, and Economic Fluctuations," International Economic Review 36 (1), 101-137. Ostry, J. D. and C. M. Reinhart (1995), \Private Saving and terms of trade shocks," IMF Sta® Papers 39, 495-517. Prescott, E.C (1986), \Theory ahead of business cycle measurement," Federal Reserve Bank of Minneapolis Quarterly Review 10 (4), 9-22. Rodríguez, F. and J. D. Sachs (2001), \Why do resource abundant economies grow more slowly. A new explanation and a application to Venezuela," Journal of Economic Growth 4, 277-303. Rogerson, R. (1988), \Indivisible Labor, Lotteries and Equilibrium," Journal of Mon- etary Economics 21, 3-16. Sáez, F. (2001), \Patrones cíclicos de la economía venezolana," Ph.D. Thesis, Univer- sidad Complutense de Madrid, mimeo. Stokey, N.L. and S. Rebelo (1995), \Growth efects of at-rate taxes," Journal of Political Economy 103, 519-550. Zimmermann, C. (1995), \International Trade over de Business Cycle," mimeo. Wilson, R. (1979). Auctions of shares, Quarterly Journal of Economics, 93, 675-689.