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Article

Исследования российского рынка труда и экономическая политика

Гурвич Е. Т., Вакуленко Е. С.

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 isits high flexibility, which showsitself 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.