Abstract
In Colombia, a Real Exchange Rate Index is computed by the Central Bank since 1984. The computing methodology used in this country has been the Laspeyres Geometric Average with periodic changes in the base-year. However, in other countries, there are at least three other methodologies that have been around since 1996: the Laysperes Chain, Paasche Chain, and Fischer Chain methodologies. This last methodology constitutes a significant improvement over the more traditional text-book methodologies (such as the Geometric Average), but it doesn't necessarily give better results than the offical Real Exchange Rate Index computed by the Central Bank of Colombia.
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