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The paper develops a model in which the relation between the real exchange rate and the real wage, in the context of conflictive income distribution, is made explicit. It is noted that the central bank tries to regulate the distributive relation exchange rate and real wages through the changes in the interest rate. The theoretical point is that, under certain circumstances, a relatively depreciated or high level of the real exchange rate might reduce real wages and have a negative impact on economic growth. The paper also provides some evidence for the Argentine case, and suggests that the Classical Developmentalist elasticity pessimism seems, in the case of Argentina, to be validated. Also, the use of the exchange rate as an instrument to bolster redistribution away from the working class, and to promote investment and growth is also not born in the data. [ABSTRACT FROM AUTHOR]