The model that excludes interest rate differentials has 12 parameters, with only 2 restrictions. Convergence is achieved after 55 iterations. Summary statistics are presented in the Table "Venezuela: Trend-Cycle Model of GDP and Oil Prices. Interest Rate Differentials Excluded". The estimated trend-cycle models have good statistical properties, with residuals being approximately normal. The estimated model residuals display little heteroskedasticity and autocorrelation (including at higher orders). It is important to note that, as indicated by the relevant goodness of fit measures, this model also represents a substantial improvement over a random walk with drift model.