Three exchange rate puzzles : fact or fiction? / Ronald MacDonald -- The real exchange rate misalignment of the five central European countries - single equation approach / Jan Frait, Lubos Komarek and Martin Melecky -- Real equilibrium exchange rate in China : is the Renminbi undervalued? / Virginie Coudert and Cecile Couharde -- Exchange rate pass-through effect and monetary policy in Russia / Victoria V. Dobrynskaya and Dmitry V. Levando -- Disaggregated econometric models to forecast inflation in Hungary / Viktor Varpalotai -- An open economy dynamic general equilibrium model linking the Euro area and the US economy / Gregory de Walque and Raf Wouters -- Liberalisation shocks and real exchange rates appreciation in the transition economies / Christos Papazoglou