Studies of Russian Labor Market and Economic Policy
E. Gurvich and
Elena Vakulenko
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E. Gurvich: Economic Expert Group, Moscow, Russia
Journal of the New Economic Association, 2018, vol. 37, issue 1, 203-212
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.
Keywords: Russian economy; labor market; real wage flexibility adjustment to shocks (search for similar items in EconPapers)
JEL-codes: E24 J08 O57 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2018:i:37:p:203-212
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