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Wages, age, and economic growth: Estimates for Russia
https://doi.org/10.32609/0042-8736-2023-6-94-116
Abstract
We study the dependence of wages on ages of individuals based on RLMS-HSE microdata for individuals aged 25—55 years for the period 2000— 2019 in Russia. A quadratic dependence of wages on the age of an individual is assumed for cross-sectional models, while shifts of cross-sectional wage profiles over time are described by the dynamics of the gross regional product. The model parameters are estimated for different social groups, separated by gender and educational level, based on a model with random effects, which allows us to obtain the most effective parameter estimates based on both within-group and between-group variation in the data. The estimates obtained can be used in calibration of general equilibrium models with overlapping generations. We touch upon the problem of reducing wages in ages close to retirement and discuss possible reasons for this decrease. We also estimate minimal economic growth rates, forcing the wage rates to increase until the individual reaches the ages of 55, 60 and 65.
About the Authors
A. V. Zamnius
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
Alexey V. Zamnius
Moscow
A. V. Polbin
Russian Presidential Academy of National Economy and Public Administration;
Gaidar Institute for Economic Policy
Russian Federation
Russian Federation
Andrey V. Polbin
Moscow
S. G. Sinelnikov-Murylev
Gaidar Institute for Economic Policy
Sergey G. Sinelnikov-Murylev
Moscow
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For citations:
Zamnius A.V., Polbin A.V., Sinelnikov-Murylev S.G. Wages, age, and economic growth: Estimates for Russia. Voprosy Ekonomiki. 2023;(6):94-116. (In Russ.) https://doi.org/10.32609/0042-8736-2023-6-94-116
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