Paralyze status effect does nothing

[Nayt]

You've answered your own question. Paralyze doesn't generate a Stun or Petrify effect.
In short terms, thread title is not valid. Maybe you should change it to "Paralyze status effect doesn't do what I want".

You don't have to be so bashing.

It's not really a bug, but as rydin said, it is a problem with the monster AI, and we can only hope they fix it sooner rather than later.
It's the same with our own skills. If I get paralyzed, I just spam the button, and it'll usually work again within a second.