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https://doi.org/10.1016/j.ruje.2017.12.006
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Macroeconomic and structural properties of the Russian labor market: A cross-country comparison
[journal article]
Abstract We suggest a new way to identify salient features of the Russian labor market. Parameters of basic macroeconomic models pertinent to the Russian labor market are compared to a sample of other countries. We find that estimated values of Okun's coefficient and the elasticity of real wages to labor pro... view more
We suggest a new way to identify salient features of the Russian labor market. Parameters of basic macroeconomic models pertinent to the Russian labor market are compared to a sample of other countries. We find that estimated values of Okun's coefficient and the elasticity of real wages to labor productivity in Russia are typical for emerging markets. What really distinguishes the labor market is that the elasticity of real wages relative to unemployment in Russia is very high by international standards. The overall conclusion is that the Russian labor market can be characterized by a combination of serious structural problems (such as low employee mobility, the significant size of the shadow sector, etc.) and solid macroeconomic performance, verified by the persistently low rate of unemployment in recent years.... view less
Keywords
migration; Russia; labor market
Classification
Labor Market Research
Free Keywords
Russian labor market; cross-country comparative analysis; macroeconomic models
Document language
English
Publication Year
2017
Page/Pages
p. 411-424
Journal
Russian Journal of Economics, 3 (2017) 4
ISSN
2618-7213
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0