Certain Properties of a Class of Close-to-Convex Functions Related to Conic Domains

We aim to define a new class of close-to-convex functions which is related to conic domains. Many interesting properties such as sufficiency criteria, inclusion results, and integral preserving properties are investigated here. Some interesting consequences of our results are also observed

Price Setting Behaviour of Pakistani Firms: Evidence from Four Industrial Cities of Punjab

Since the introduction of rational expectations in the literature, most of the research focus in the area of macroeconomics has been investigating micro foundations of macroeconomic theory and transmission channels of policy. In 1990s, macroeconomists started working on macro models incorporating the assumption of nominal rigidity with explicit modeling of optimal behaviour of individuals and firms. More recently, these models gained empirical support by looking at both aggregate as well as at firm-level data. In this regard, limited studies are available that focus on developing countries. For Pakistan, there has been little focus on micro level studies in the field of macro or monetary economics, so our study attempts to fill this gap. Besides capturing price setting behaviour, the potential effects of changes in financial cost on the overall pricing and production decisions have also been investigated. It is important to note that this study is different from others throughout carried in different countries in the sense that instead of sending questionnaires by mail, data are collected by enumerators and field supervisors. It was found that Pakistani firms perceive to be in competitive environment they operate in. Most of the clients of the firms are regular and firms’ relationship with the customers is long-term. The large majority of firms use current information when reviewing prices. Around 70 percent of firms use either a state-dependent pricing rule or combination of both time-dependent and state-dependent rules. Pakistani firms revise and change their prices usually in the months of June and July. Moreover, costs of raw materials, cost of energy and inflation are the main determinants of price increase while the competitors’ price, raw materials costs and demand changes are responsible for price decrease. When it comes to the main causes of price stickiness, implicit contract with the customers is at the top, while explicit fixed term contract of prices on the second. Further it was observed that most of the firms change their wages once in a year. About half of the firms index their workers’ wages with inflation and past inflation rate is usually used for the purpose. Labour productivity and changes in inflation rate are found to be the main causes of wage change.Price Setting Behaviour, Effectiveness of Monetary Policy, Wage and Price Contracts

The Unreliability of Output-Gap Estimates in Real Time

Most research on monetary policy assumes availability of information regarding the current state of economy, at the time of the policy decision. A key challenge for policy-makers is to find indicators that give a clear and precise signal of the state of the economy in real time—that is, when policy decisions are actually taken. One of the indicators used to asses the economic condition is the output gap; and the estimates of output gap from real time data misrepresents the true state of economy. So the policy decisions taken on the basis of real time noisy data are proved wrong when true data become available. Within this context we find evidence of wrong estimates of output gap in real time data. This is done by comparing estimates of output gap based on real time data with that in the revised data. The quasi real time data are also constructed such that the difference between estimates of output gap from real time data and that from quasi real time data reflects data revision and the difference between estimates of output gap from final data and that from quasi real time data portray other revisions including end sample bias. Moreover, output gap is estimated with the help of five methods namely the linear trend method, quadratic trend method, Hordrick-Prescott (HP) filter, production function method, and structural vector autoregressive method. Results indicate that the estimates of output gap in real time data are different from what have been found in final data but other revisions, compared to data revisions, are found more significant. Moreover, the output gap measured using all the methods, except the linear trend method, appropriately portray the state of economy in the historical context. It is also found that recessions can be better predicted by real time data instead of revised data, and final data show more intensity of recession compared with what has been shown in real time data. JEL Classification: E320 Keywords: Data Uncertainty, Measurement Uncertainty, Output Gap, Business Cycle, Economic Activit

New Keynesian Phillips Curve for Pakistan

Recently macroeconomists have moved to a new neo-classical synthesis by integrating Keynesian features like imperfect competition and nominal rigidities with dynamic stochastic general equilibrium model of the Real Business Cycle Theory with micro foundations and rational expectations, [see, for instance, McCallum and Nelson (1999)]. The standard model comprises of a trinity; consumption and inflation adjustment equations with a monetary authority’s reaction function. One of the pillar of the modelinflation adjustment equation, also known as New Keynesian Phillips Curve (NKPC) in the literature, has at least two important features; unlike the traditional Phillips curve the NKPC is forward-looking; and it has been derived from the profit maximising behaviour of the firms in a monopolistically competitive market structure

A CRITICAL REVIEW OF THE GHAZAL OF JOSH MALIHABADI

Josh Malih Abadi's name has a unique place in the history of Urdu literature as a shining and brilliant chapter in terms of poetic aspects and creative energy. While Josh is a poet with a lively heart and mind and an open eye. With its free nature and a vast sea of words and phrases. Like the great poets, his style of using words and phrases is unparalleled and unique, and his great place in Urdu poetry is established with all distinctions. Josh wrote modern and ancient Ghazal like Hali and if there is anything wrong with the Ghazal, he tried to write it in a new style. It is as if Josh claimed to have included glorious subjects in the Ghazal, leaving out the general themes. Due to this effort, the new style of Ghazal has more resemblance to the poem. However, this ode-like Ghazali also has its own style and it has a very deep color of the individuality of passion. If think about it, in the Ghazal of passion, you can see beautiful and intoxicating performances about the beauty of the beloved, the colorful and charming nature of attractive nature, and the head of pleasure and fun

Diagnosis of hepatoma using grayscale and Doppler ultrasound in patients with chronic liver disease

Wasim A Memon, Zishan Haider, Mirza Amanullah Beg, Muhammad Idris, Tanveer-ul-Haq, Waseem Akhtar, Sidra IdrisRadiology Department, Aga Khan University Hospital, Karachi, Pakistan Every author contributed equally to the workObjective: To determine the diagnostic accuracy of liver ultrasound for the detection of hepatoma in chronic liver disease (CLD) patients by either taking histopathology or serum α-fetoprotein levels or a biphasic computed tomography (CT) scan (whichever is available) as the gold standard.Study design: Cross-sectional.Place and duration of study: Radiology Department, The Aga Khan University Hospital, Karachi, Pakistan, from January 2007 to January 2010.Methods: A total of 239 patients (156 males and 83 females) with clinical suspicion or surveillance of hepatoma in CLD referred to the radiology department for ultrasound evaluation followed by either liver biopsy and histopathology or serum α-fetoprotein level or biphasic CT scan.Results: The sensitivity of ultrasound for hepatoma detection in CLD was 65%, specificity was 85%, and accuracy was 70%, and positive predictive value and negative predictive value were 92% and 45%, respectively.Conclusion: Ultrasound is a relatively quick, safe, reasonably accurate, and noninvasive imaging modality for the detection of hepatoma in CLD and can be complemented with clinical assessment of screening high-risk patients.Keywords: hepatoma, ultrasound, radiology, chronic liver diseas

Hepatocellular carcinoma in Native South Asian Pakistani population; trends, clinico-pathological characteristics & differences in viral marker negative & viral-hepatocellular carcinoma

Background HCC is the fifth most common cancer globally. Our study was conducted to (1)investigate the trends and clinico-pathological characteristics of Hepatocellular carcinoma among native South Asian patients in Pakistan, (2)to estimate the prevalence as well as the trends of viral marker negative HCC and (3) to compare the clinico-pathological, radiological characteristics, applicability of treatment at diagnosis and prognostic factors among patients with both viral marker negative and viral marker positive-HCC being consulted at Aga Khan University Hospital(AKUH), Karachi, Pakistan. Method Patients ≥18 years, already diagnosed to have HCC and visiting AKUH during 1999–2009 were identified using ICD code 1550. The diagnosis of HCC was made in the presence of characteristic features of HCC on triple-phasic CT scan/MRI or with histological findings on biopsy. Results 645 patients were enrolled. Of these 546(84.7%) were viral-HCC and 99(15.3%) were viral marker negative HCC. Among viral-HCC group underlying etiology of cirrhosis was HCV in 67.9%, HBV in 21.8% and concomitant HBV with HCV or HDV in 10.3% cases. Majority (62.8%) patients had advanced HCC. Larger tumor size (p \u3c 0.001), shorter duration between diagnosis of cirrhosis and HCC (p 0.03), concomitant Diabetes Mellitus (p \u3c 0.001) were found significant factors associated with viral marker negative HCC. Conclusion The burden of hepatocellular carcinoma is rising among native South Asian Pakistani population and the viral marker negative HCC are not uncommon in our population. Viral marker negative HCC tend not to be under surveillance as compared to viral-HCC and are diagnosed mostly at advanced stage & when they became symptomatic