Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1854
This paper has as main objective to estimate the bilateral misalignment from the methodology described by Alberola et al. (1999) for the main Brazilian trade partners. Therefore, we present the main approaches used to estimate the multilateral real exchange rates and description of the methodology used to obtain the bilateral exchange rates from such measures. Finally, according to the results obtained by Marçal (2012) and updating them for the year 2011, we obtain the bilateral misalignments against the real and the U.S. dollar. In general, European countries have significant positive misalignment against the real, against the dollar while presenting small misalignment, whether positive or negative. Brazil presents misalignment negative against the dollar, and it is possible to check the consistency of the methodology employed, especially when compared to the misalignment of the United States against the real, which showed positive misalignment.