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Russia's Labor Market: The Specificities of its Adaptation to the Current Crisis

Russian Economic Developments. 2016, Moscow, IEP Publishers, pp. 84-86

3 Pages Posted: 2 Apr 2016

See all articles by Victor Lyashok

Victor Lyashok

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Social Analysis and Forecasting

Date Written: April 1, 2016

Abstract

As in all of Russia’s earlier economic crises, wage flexibility has become the main mechanism of the labor market’s adaptation to the current crisis. As a result of the high rate of inflation observed in late 2014 – early 2015, real wages dropped by 9.5%, although nominal wages remained unchanged. The considerable reduction in labor costs made it possible for employers to abstain from cutting jobs, due to which the rise in the unemployment rate was utterly insignificant.

Keywords: Russian economy, labor market

JEL Classification: J6, J61

Suggested Citation

Lyashok, Victor, Russia's Labor Market: The Specificities of its Adaptation to the Current Crisis (April 1, 2016). Russian Economic Developments. 2016, Moscow, IEP Publishers, pp. 84-86, Available at SSRN: https://ssrn.com/abstract=2757606 or http://dx.doi.org/10.2139/ssrn.2757606

Victor Lyashok (Contact Author)

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Social Analysis and Forecasting ( email )

Prechistenskaya naberezhnaya 11
Moscow, Moscow 119034
Russia

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