Real Wage Flexibility in Russia: Comparative AnalysisElena Vakulenko and
E. Gurvich
Journal of the New Economic Association, 2016, vol. 31, issue 3, 67-92 Abstract: Elasticity of real wages with respect to unemployment is measured for Russia. The estimates are compared to those obtained for a sample of advanced and transition countries by other authors. In order to make our conclusions more robust 3 different specifications are used to construct 'wage Phillips curve'. One model draws on data by region, two others draw on country-wide series. We find that regardless of the econometric specification real wage elasticity in Russia exceeds by far elasticity in all (or almost all) other countries for which comparable estimates are available. This evidences that high wage flexibility is an important salient feature of the Russian labor market. We obtain thus an explanation to the sustained low unemployment in the recent years despite marked output decline. Keywords: Phillips curve; wage flexibility; Russia; unemployment rate; comparative analysis (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2016:i:31:p:67-92 Access Statistics for this article Journal of the New Economic Association is currently edited by Victor Polterovich and Aleksandr Rubinshtein More articles in Journal of the New Economic Association from New Economic Association Contact information at EDIRC. |
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