The monetary policies of the decade studied had a direct influence on the evolution of real wages in Ecuador. The gold standard brought with it the increase in real wages until 1932. In February 1932, the Ecuadorian Government decided to abolish the gold standard which, together with a heavy public expenditure, produced a significant increase in money supply causing high levels of inflation. The evolution of real wages in Ecuador is similar to the evolution registered in Latin America in two important aspects: in both cases an upward trend in real wages can be observed once the international crisis began; after the increase in the purchasing power of wages, there is a decline. This study is the first research trying to understand the impact of the Great Depression in Ecuador through the evolution of real wages.