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Studies of Russian Labor Market and Economic Policy

Author

Listed:
  • Gurvich, E.

    (Economic Expert Group, Moscow, Russia
    Financial Research Institute, Moscow, Russia)

  • Vakulenko, E.

    (National Research University Higher School of Economics, Moscow, Russia)

Abstract

The paper summarizes the studies on the mechanisms of Russian labor market. The subjects under consideration include unemployment and wages formation, relationship between key labor market variables and inflation, and labor market adjustment to negative shocks. We demonstrate that the general feature of Russian labor market is its high flexibility, which shows itself a gradual decline of the NAIRU level, high elasticity of real wages by unemployment rate, rapid return to full employment after negative external shocks. Problems rooted in the labor market are specified (primarily declining labor supply and increasing labor share in GDP), their neglect can become a major impediment for economic growth if forceful measures based on the earlier and future research findings are not taken.

Suggested Citation

  • Gurvich, E. & Vakulenko, E., 2018. "Studies of Russian Labor Market and Economic Policy," Journal of the New Economic Association, New Economic Association, vol. 37(1), pages 203-212.
    • Handle: RePEc:nea:journl:y:2018:i:37:p:203-212
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    References listed on IDEAS

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    Cited by:

    1. Orlov, D. & Postnikov, E., 2022. "Phillips curve: Inflation and NAIRU in the Russian regions," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 61-80.

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    More about this item

    Keywords

    Russian economy; labor market; real wage flexibility adjustment to shocks;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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