In this paper, energy sector’s monopoly behavior is analyzed in the case of Azerbaijan by referring to the literature of Dutch disease and rent-seeking. As a theoretical background, a new general equilibrium model is also developed in order to explain unusual surge of gasoline prices in...

In this paper we study the zero frequency spectral properties of fractionally cointegrated long memory processes and introduce a new frequency domain principal components estimator of the cointegration space and the factor loading matrix for the long memory factors. We find that for fractionally...