Analysis of the relationship between regional labour markets in Russia using Okun’s model

Elena Vakulenko

Applied Econometrics, 2015, vol. 40, issue 4, 28-48

Abstract: We estimate Okun's model on panel data of Russian regions and reveal the role of regional interactions at its formation. We consider the 78 regions of Russia for the period 1998–2013 and estimate a wide range of spatial econometrics model specifications. The results show that Okun’s coefficient is underestimated if we don’t take into account the spatial interactions in the model. There is no reveal asymmetric adjustment change in the unemployment rate to rise or fall of GRP in the models with spatial interactions. We propose a new way of interpreting the results of spatial econometrics models: the concepts of autonomy and influence factors that allow to rank the regions according to their degree of independence in conducting their own policies and impact on the situation in other regions

Keywords: Okun’s law; spatial econometrics; Russian regions (search for similar items in EconPapers)
JEL-codes: C23 E24 R12 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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