Resumen
The target of this paper is to establish whether the fiscal rule couldhave eventually an impact on the exchange rate so it could ease the effects ofthe dutch disease. A counter-factual experiment is carried out by simulatingthe implementation in Colombia during the last thisty years of a fiscal rulealike the one proposed by the Comite Técnico Interinstitucional, through anequilibrium exchange rate model and cointegration analysis in a VEC model.It is foundthat the fiscal rule would actually mitigatethe appreciation, but itcould also increase the exchange rate volatility.