Impact of the number of employees on wages and housing prices in Russian regions

Author:

Giltman M. A.1ORCID,Antosik L.  V.1ORCID,Varlamova J. A.2ORCID,Larionova N. I.2ORCID

Affiliation:

1. University of Tyumen

2. Kazan Federal University

Abstract

The article examines the impact of changes in the number of employees on wages and housing prices in Russian regions. According to the local labor market model higher nominal wages in a particular region can attract workers from other regions. Due to the limited supply of housing an increase in the number of people employed in a certain area leads to an increase in demand for housing and an increase in prices for it, which can cause workers to lose in terms of real wages. In the presented work we tried to answer the question of whether the change in the number of employees in the region affects wages and housing prices in the subjects of the Russian Federation. The estimates were carried out on aggregated regional Rosstat data using panel models with fixed and spatial effects (SEM and SAR models). The study showed that there are spatial correlations both between regional labor markets and between local housing markets. Changes in the number of employees in the region make a significant positive impact on housing prices and a significant negative impact on real wages. In terms of significance and direction of impact all the evaluated models are similar to each other. The results of the analysis can be used to carry out social, regional and migration policies.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance,General Economics, Econometrics and Finance,History

Reference53 articles.

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2. Bazanova E. (2019). Why Russia has not moved from stagnation to development in 20 years. Russian economy 1999—2019. Special project of Vedomosti and Expert RA. Vedomosti, October 8. (In Russian). https://www.vedomosti.ru/economics/articles/2019/10/08/813068-20-let-stagnatsii

3. Vakulenko E. S. (2015). Analysis of the relationship between regional labour markets in Russia using Okun’s model. Applied Econometrics, Vol. 40, No. 4, pp. 28—48. (In Russian).

4. Vakulenko E. S., Gurvich E. T. (2016). Real wage flexibility in Russia: Comparative analysis. Journal of the New Economic Association, No. 3, pp. 67—92. (In Russian). https://doi.org/10.31737/2221-2264-2016-31-3-3

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