Bias in Economic News: The Reporting of Nominal Exchange Rate Behavior in Colombia T he behavior of the nominal exchange rate (NER) is regularly reported and commented on in Colombian newspapers, editorials, and op-eds.However, the number and flavor of the news and commentary seem to increase disproportionately during revaluation in contrast to periods of devaluation. 1 During the course of a revaluation, it is common to read claims (not facts) in the press of firms and entire industries in distress owing to revaluation and arguments about the benefits of outdated policies such as fixed and multiple exchange rates-implemented after 1967 with the enactment of Law 444 (Congreso de Colombia 1967)-if not a dollarization of the economy.