“…Buiter and Grafe (2002) CZ, EE, HU, PL, SI Correlation of inventory changes annually Germany Csajbók and Csermely (2002) CE4 Supply and demand shocks quarterly euro area Boreiko (2002Boreiko ( , 2003 CE10 HP Filter (IP) monthly Germany Nickel (2002, 2005) CE5, BG, EE, LV Supply and demand shocks quarterly euro area Backé et al (2003) CE10 HP Filter (inflation) monthly euro area Błaszkiewicz and Wozniak (2003) CE5 Berger et al (2004) CE5, B3, RO HP Filter (IP) monthly euro area Fidrmuc and Korhonen (2004) CE5, B3, BG Supply and demand shocks quarterly euro area Fidrmuc and Hagara (2004) CE5, B3, BG Supply and demand shocks quarterly euro area Horvath and Rátfai (2004) CE5, B3 Supply and demand shocks quarterly Germany Karmann and Weimann (2004) CE5, B3 Supply and demand shocks quarterly Germany Ramos and Suriñach (2004) CE5, B3 Supply, demand, monetary shocks quarterly euro area Traistaru (2004) CE5, B3 Band-pass filter (GDP) quarterly euro area Darvas and Szapáry (2005) CE5, B3 HP Filter (GDP) quarterly euro area Darvas and Vadas (2005) CE5, B3 Five different filters (GDP) quarterly euro area Demyanyk and Volosovych (2005) CE5, B3 Correlation of GDP growth rates quarterly EU25 Eickmeier and Breitung (2005) CE5, B3 Dynamic correlation (GDP, CPI) quarterly euro area prevailed in early analysis and in later papers using business cycle synchronization, structural VARs dominate the current research agenda. The analysis of simple correlations prevails in the early research.…”