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Tipo de Cambio Real: Revisión Internacional

Erika Arraño and Faruk Miguel

Economic Statistics Series from Central Bank of Chile

Abstract: This paper outlines the theoretical considerations of the Real Exchange Rate (RER). It also describes the actual RER calculation methodologies in several central banks and international organizations. While there is consensus on how the RER should theoretically be constructed, in practice, there are many differing approaches which are constantly under review. The main objective of the RER is to measure the international competitiveness of an economy relative to its major trading partners. The most common methodology considers international trade flows (including third countries) and the Consumer Price Index (CPI) as a deflator.

Date: 2015-05
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