IDEAS home Printed from https://ideas.repec.org/a/nea/journl/y2024i65p246-258.html
   My bibliography  Save this article

The Beveridge curve: What does it tell us about the stance of the Russian labor market?

Author

Listed:
  • Kapeljushnikov, R.

    (Primakov National Research Institute of World Economy and International Relations, RAS; National Research University "Higher School of Economics" (HSE University), Moscow, Russia)

Abstract

The unique situation that developed in the Russian labor market in the 2020s is examined through the prism of the Beveridge curve. The key event in this period was the emergence of a massive "overhang" of vacant jobs, which already reached 8%. The analysis shows that a dramatic upward shift in the Beveridge curve occurred at the peak of the coronavirus crisis. The main trigger for the vacancy escalation was the increased mismatch between the structure of the workforce and the structure of jobs due to sharp changes on the labor demand side. Both structural and cyclical components of unemployment are estimated. According to the results obtained, at the peak of the corona-crisis, the Russian labor market actually experienced a significant deterioration in matching, that is, the sharpened mismatch between labor demand and labor supply. This led to an upward drift in the "natural" rate of unemployment, which is currently estimated at 4.5%. At the same time, the vacancy expansion during the second sanction crisis was mainly associated with the overheating of the economy caused by its transfer to a semi-military footing.

Suggested Citation

  • Kapeljushnikov, R., 2024. "The Beveridge curve: What does it tell us about the stance of the Russian labor market?," Journal of the New Economic Association, New Economic Association, vol. 65(4), pages 246-258.
    • Handle: RePEc:nea:journl:y:2024:i:65:p:246-258
    DOI: 10.31737/22212264_2024_4_246-258
    as

    Download full text from publisher

    File URL: http://www.econorus.org/repec/journl/2024-65-246-258r.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.31737/22212264_2024_4_246-258?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. J. C. R. Dow & L. A. Dicks-Mireaux, 1958. "The Excess Demand For Labour A Study Of Conditions In Great Britain, 1946–56," Oxford Economic Papers, Oxford University Press, vol. 10(1), pages 1-33.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Diamond, Peter A. & Şahin, Ayşegül, 2015. "Shifts in the Beveridge curve," Research in Economics, Elsevier, vol. 69(1), pages 18-25.
    2. Patrick Mellacher & Timon Scheuer, 2021. "Wage Inequality, Labor Market Polarization and Skill-Biased Technological Change: An Evolutionary (Agent-Based) Approach," Computational Economics, Springer;Society for Computational Economics, vol. 58(2), pages 233-278, August.
    3. Christopher A. Pissarides & Barbara Petrongolo, 2001. "Looking into the Black Box: A Survey of the Matching Function," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 390-431, June.
    4. Crawley, Andrew & Welch, Sarah & Yung, Julieta, 2021. "Improving estimates of job matching efficiency with different measures of unemployment," Journal of Macroeconomics, Elsevier, vol. 67(C).
    5. Leythienne, Jean Fernand, 2024. "Is euro area at full employment ? — A diagnosis from the Beveridge curve," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 322-340.
    6. Stephen DeLoach & Mark Kurt, 2013. "Discouraging Workers: Estimating the Impacts of Macroeconomic Shocks on the Search Intensity of the Unemployed," Journal of Labor Research, Springer, vol. 34(4), pages 433-454, December.
    7. Mertikopoulos, Panayotis & Nax, Heinrich H. & Pradelski, Bary S.R., 2024. "Quick or cheap? Breaking points in dynamic markets," Journal of Mathematical Economics, Elsevier, vol. 112(C).

    More about this item

    Keywords

    Beveridge curve; unemployment; vacancies; labor market;
    All these keywords.

    JEL classification:

    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J46 - Labor and Demographic Economics - - Particular Labor Markets - - - Informal Labor Market

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nea:journl:y:2024:i:65:p:246-258. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexey Tcharykov (email available below). General contact details of provider: https://edirc.repec.org/data/nearuea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.