Tipo de cambio real, comercio internacional y bienestar económico

Abstract

This paper estimates the equilibrium real excange rate (ERER) with a simple, one sector and three goods optimization model which assumes that domestically produced, imported and exported goods are imperfect substitutes, total production is fixed and the country faces a balance of trade constraint. Simple parametric estimations allow to calculate the price for the domestically consumed goods which is consistent with international price (thus giving a true measure of the ERER), international trade and welfare changes induced by external shocks.