Tariffi, Leonardo2025-01-132025-01-132024https://hdl.handle.net/2445/217381I first write a partial equilibrium model “á la Rogoff” where there are relative prices of non-tradable goods in terms of prices of tradables goods. I find that the behaviour of the real exchange rate shows structural breaks in the short term. Secondly, I explain that any change in the real exchange rate is transitory in the long run. I obtain a general equilibrium model after I add a utility function to the partial-equilibrium model. In the general equilibrium model, an increase occurring in consumption of tradables is going to keep the RER constant over the time16 p.application/pdfengcc-by-nc-nd, (c) Tariffi, 2024http://creativecommons.org/licenses/by-nc-nd/3.0/es/Equilibri (Economia)CanviDinàmicaEquilibrium (Economics)ExchangeDynamicsinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/openAccess