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Working paper

Labour Market Analysis using Time Series Models: Russia 1999-2011

We investigate the relationship between the main indicators of the labour market in Russia. We try to  construct a model of the Russian labour market and identify key relationships. Our special attention is  drawn to the impact of the crisis on the Russian labour market and influence of oil price on labor market  indicators. We estimated two types of models. They are systems of simultaneous equations model (SEM) and VECM. We received that real wage in Russia are more flexible than employment. During the crisis  period real wage was decreasing. SEM model shows that real wage positively depends on real oil price.  While the number of employed and unemployment don’t depend on real oil price.