It is possible to classify the literature in two groups: those authors to whom there is no connection between exchange rate and macroeconomic variables volatilities and those who states the opposite. According to the first group, exchange rate volatility is not important to macroeconomic variables, since empirical evidence shows a substantial increase in it during floating exchange rate regimes, while macroeconomic variables do not present a similar rise in their volatilities. The second group establishes that relation focusing on different variables, mainly in the effects over trade. Concerning prices, analysis are made under different frameworks, the most common of them being exposed further on this introduction.