This paper is an attempt to revisit the pioneering work of Riazuddin and Khan (2002). A complete business cycle has been elapsed (2002-2010) since their study, so there is need to review the results with additional information. This revisited attempt, based on a theoretically specified framework, arrived at similar results and found significant impact of Islamic calendar. [WP 39]. [URL: http://www.sbp.org.pk/publications/wpapers/2011/wp39.pdf].business cycle, Islamic calneder, time series data, forecasting, detecting, Islam, religion, pakistan,theoretical, Ramadan, population, currency holdings, seasonal factors, Quantity Theory of Money (QTM), money, prices, income
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