Multilayer ceramic chip capacitors which satisfy COG requirements and which are compatible with reducing atmosphere sintering conditions so that non-noble metals such as copper and copper alloys thereof may be used for internal and external electrodes are made in accordance with the invention. The capacitors exhibit desirable dielectric properties (high capacitance, low dissipation factor, high insulation resistance), excellent performance on highly accelerated life testing, and very good resistance to dielectric breakdown. The dielectric layers comprise a composite oxide formed by calcining rare earth titanates, barium titanate, together with other metal oxides such as MgO, CaO, ZnO, MnO.sub.2, ZrO.sub.2, SiO.sub.2, Ga.sub.2O.sub.3, Nd.sub.2O.sub.3, Nb.sub.2O.sub.5, and Y.sub.2O.sub.3.