اعجاز القرآن کا تحقیقی و تجزیاتی مطالعہ Research and analytical review of I‘jāz-al-Qurān

The Holy Qurān which was revealed to the last Prophet Muhammadﷺ, Just as you are a collection of perfections, so is the word revealed to you a collection of perfections. One of the most important perfections of the Holy Qurān is the miracle of the Holy Qurān. The unique and unique way of reciting the Qurān is called I‘jāz-al-Qurān in Islamic terminology. The Holy Qurān challenged the opponents and deniers of the Holy Qurān to explain its uniqueness.O Beloved! Say: If man and jinn come together and strive to be like the Qurān, they will not be able to make the likeness of it, even if they become helpers of one another. The Qurān is a book of miracles, and miracles are those that are beyond human power and beyond the reach of everyone, power and courage, especially a miracle that lasts for a couple of years or a limited time. Not for the sake of it, but for the challenge of the creation which will come after its coming, and which will make the way of guidance easy for those who ponder within themselves. In this article, I will try to explain the different aspects of I‘jāz-al-Qurān and embellish it with arguments.

Price Rigidity in Pakistan: Evidence from Disaggregated Cpi Data

There is constant debate between Classical and Keynesian on the issue of the flexibility of wages and prices. Classical economists assume flexible wages and prices and Keysian argue for rigid wages and prices. According to Keynesian macroeconomic models, effectiveness of the policy is mainly due to rigid prices. The effectiveness of monetary policy depends on the nature of price adjustment. In Pakistan there is no precise study available on the topic of price rigidity. Within this context, this thesis sets six objectives using the data of disaggregated consumer price index for the period of July 1991 to March 2016. First objective is to explore the price rigidity in Pakistan by using Frequency and Duration of price change. Second objective is to find out the size of last price change. Third objective is to determine the price setting strategy and its determinants for Pakistan by using the Panel Logit Random Effect Model. Fourth and Fifth objectives are to investigate the exchange rate and oil price pass-through using the recursive VAR approach. Sixth objective of the thesis is to check the exchange rate and oil price pass-through asymmetric behavior to disaggregated CPI inflation. The study concludes that prices are flexible but not fully flexible in Pakistan. Prices are more flexible in food items and rigidity is found in communication, education, and health sectors. Hotel, Food and Transport are high inflation category products and Communication, Health, Recreation & Culture are low inflation category groups. Keynes theory verifies that prices are downward rigid and upward flexible for Pakistan. In Pakistan combination of time-dependent and state-dependent policy is used for price setting. Exchange rate and oil pass-through have moderate effect on CPI inflation in Pakistan but their effect remains for twelve months. Exchange rate pass-through is low in flexible exchange rate regime as compared to managed floating exchange rate. Oil price pass-through is more pronounced in volatile period as compared to less volatile period. Domestic oil price pass-through is higher as compare to international oil prices as well as converted international oil prices to CPI inflation. Exchange rate and oil prices have asymmetric pass-through to CPI inflation. Prices in Pakistan are more flexible so State Bank of Pakistan should try to search other transmission mechanisms through which monetary policy can have real effects in the Pakistan economy.