Waqas Ahmed Monetary Policy Department, State Bank of Pakistan.   I.I. Chandrigar Road, Karachi, Pakistan. Karachi, Sindh 74000 Pakistan.   waqas.ahmed@sbp.org.pk   http://www.sbp.org.pk           JEL Areas: C1 : Econometric and Statistical Methods: General D9 : Intertemporal Choice and Growth: General