The monetary transmission mechanism in Pakistan: a sectoral analysis

The present paper takes a first step in investigating the monetary transmission mechanism in Pakistan at a sectoral level. Using quarterly data spanning from 1973:1 to 2003:4, we examine whether monetary policy shocks have different sectoral effects. Taking note of structural transformation of the economy and the monetary and financial reforms during 1990s, we also assess whether the reform process has notable impact on the monetary transmission mechanism. We find evidence supporting sector-specific variation in the real effects of monetary policy. Our results also suggest significant changes in the transmission of monetary shock to real sector of the economy during post-reform period.Monetary transmission mechanism; VAR; Pakistan; Sectoral analysis

Sectoral Effects of Monetary Policy: Evidence from Pakistan

Does monetary policy have economically significant effects on the real output? Historically, economists have tended to hold markedly different views with regard to this question. In recent times, however, there seems to be increasing consensus among monetary economists and policy-makers that monetary policy does have real effects, at least in the short run.1 Consequently, focus of monetary policy analysis has recently shifted from the big question of whether money matters, to emphasising other aspects of monetary policy and its relations to real economic activity. One aspect that has received considerable attention of late is the sectoral or regional effects of monetary policy shocks. Recent studies on the subject make it quite clear that different sectors or regions of the economy respond differently to monetary shocks. This observation has profound implications for the macroeconomic management as the central bank will have to weigh the varying consequences of its actions on different sectors or regions of the economy. For instance, the tightening of monetary policy might be considered mild from the aggregate perspective, yet it can be viewed as excessive for certain sectors. If this is true then monetary policy should have strong distributional effects within the economy. Accordingly, information on which sectors react first and are more adversely affected by monetary tightening provides valuable information to monetary authorities in designing appropriate monetary policies. Additionally, the results can contribute to our understanding of the underlying nature of transmission mechanism. And for that reason, many economists have called for a disaggregated analysis of monetary transmission mechanism [e.g., Domac (1999), Dedola and Lippi (2005), Ganley and Salmon (1997), Carlino and DeFina (1998)]

The monetary transmission mechanism in Pakistan: a sectoral analysis

The present paper takes a first step in investigating the monetary transmission mechanism in Pakistan at a sectoral level. Using quarterly data spanning from 1973:1 to 2003:4, we examine whether monetary policy shocks have different sectoral effects. Taking note of structural transformation of the economy and the monetary and financial reforms during 1990s, we also assess whether the reform process has notable impact on the monetary transmission mechanism. We find evidence supporting sector-specific variation in the real effects of monetary policy. Our results also suggest significant changes in the transmission of monetary shock to real sector of the economy during post-reform period

The monetary transmission mechanism in Pakistan: a sectoral analysis

The present paper takes a first step in investigating the monetary transmission mechanism in Pakistan at a sectoral level. Using quarterly data spanning from 1973:1 to 2003:4, we examine whether monetary policy shocks have different sectoral effects. Taking note of structural transformation of the economy and the monetary and financial reforms during 1990s, we also assess whether the reform process has notable impact on the monetary transmission mechanism. We find evidence supporting sector-specific variation in the real effects of monetary policy. Our results also suggest significant changes in the transmission of monetary shock to real sector of the economy during post-reform period

Surgical Outcome of Endoscopic Third Ventriculostomy in Patients Having High ETV Success Score: One-Year Experience at a Tertiary Care Hospital

Background & Objective:  Endoscopic third Ventriculostomy (ETV) is an accepted alternative to VP shunt in patients with obstructive hydrocephalus. We will share our experience and outcome. Materials & Methods:  Thirty consecutive ETV cases performed by a single surgeon during 1 year in patients with an ETV success score of 60 or higher were included in this study. Patients’ demographics, outcomes, and complications are reported. Results:  (60%) were male and 12 (40%) were female. The mean age in our study was 6.1 years ± 9 (mean ± SD). Posterior fossa tumor was the most common etiology in our series (46.6%) followed by aqueductal stenosis (23.3%). Eighty percent of our patients did not experience an ETV failure. The complication rate was 20%. Inadequate ventriculostomy in 6.6% of the patients was the commonest complication. Conclusion:  ETV is safe and effective in patients with high ETV success scores

Refurbishment of a Shaking Water Bath

In this article, authors attempt to describe the refurbishment of a temperature controlled shaking water bath. The instrument has mechanical part and electronic part that consists of temperature controller and shaking circuit. Temperature controller circuit has been designed locally and mechanical part and shaking circuit has been re-installed successfully. The circuit has been designed using IC transducers (590KH) which acts high impedances constant current generator (1µA/0K) temperature range from 00C above ambient +1000C . The instruments have been refurbished for MIID, IFRB, AERE, Savar

On Coverage of Critical Nodes in UAV-Assisted Emergency Networks

Unmanned aerial vehicle (UAV)-assisted networks ensure agile and flexible solutions based on the inherent attributes of mobility and altitude adaptation. These features render them suitable for emergency search and rescue operations. Emergency networks (ENs) differ from conventional networks. They often encounter nodes with vital information, i.e., critical nodes (CNs). The efficacy of search and rescue operations highly depends on the eminent coverage of critical nodes to retrieve crucial data. In a UAV-assisted EN, the information delivery from these critical nodes can be ensured through quality-of-service (QoS) guarantees, such as capacity and age of information (AoI). In this work, optimized UAV placement for critical nodes in emergency networks is studied. Two different optimization problems, namely capacity maximization and age of information minimization, are formulated based on the nature of node criticality. Capacity maximization provides general QoS enhancement for critical nodes, whereas AoI is focused on nodes carrying critical information. Simulations carried out in this paper aim to find the optimal placement for each problem based on a two-step approach. At first, the disaster region is partitioned based on CNs’ aggregation. Reinforcement learning (RL) is then applied to observe optimal placement. Finally, network coverage over optimal UAV(s) placement is studied for two scenarios, i.e., network-centric and user-centric. In addition to providing coverage to critical nodes, the proposed scheme also ensures maximum coverage for all on-scene available devices (OSAs)

Structural breaks and unit root: evidence from Pakistani macroeconomic time series

The purpose of this paper is to examine the unit root properties of eleven Pakistani macroeconomic series using annual data. Along with traditional unit root tests, we use the procedure developed by Zivot and Andrews to test the null of unit root against the break-stationary alternative. Conventional unit root tests indicate that all variable are non-stationary at the levels. Results from Zivot and Andrews test suggest that we can reject the null of unit root for CPI and WPI at 5 percent significance level while we fail to reject the unit root hypothesis for the remaining 9 series. At the same time, the Zivot and Andrews test identifies endogenously the point of the single most significant structural break in every time series examined. The results show that ten of the eleven series studied bear witness to the presence of a structural break during the period 1972 to 1976

Structural breaks and unit root: evidence from Pakistani macroeconomic time series

The purpose of this paper is to examine the unit root properties of eleven Pakistani macroeconomic series using annual data. Along with traditional unit root tests, we use the procedure developed by Zivot and Andrews to test the null of unit root against the break-stationary alternative. Conventional unit root tests indicate that all variable are non-stationary at the levels. Results from Zivot and Andrews test suggest that we can reject the null of unit root for CPI and WPI at 5 percent significance level while we fail to reject the unit root hypothesis for the remaining 9 series. At the same time, the Zivot and Andrews test identifies endogenously the point of the single most significant structural break in every time series examined. The results show that ten of the eleven series studied bear witness to the presence of a structural break during the period 1972 to 1976