Analysis of Household Income Dynamics in the Russia Based on the RLMS Database
https://doi.org/10.26794/2587-5671-2022-26-6-271-287
Abstract
The goal of the study is to estimate the parameters of the stochastic wage process using data from the Russian Longitudinal Monitoring Survey of Higher School of Economics (RLMS-HSE). The main method of analysis is econometric estimation, which includes two steps. In the first step, the authors estimated a Mincer-type regression. In the second step, they estimated the parameters of the stochastic wage process using the generalized method of moments. As a result, the autoregression coefficient turned out to be lower, and the variance of shocks was higher than in similar foreign studies. The results of the research allow to conclude that labor incomes in Russia are less stable over time and are marked by great uncertainty. The practical value of the work lies in the possibility of using the obtained estimates when calibrating general equilibrium models with heterogeneous agents, which is demonstrated in the framework of estimation of macroeconomic effects from hypothetical tax maneuvers based on the canonical model with heterogeneous agents.
Keywords
wages,
labor income,
labor income profile,
RLMS,
generalized method of moments,
general equilibrium model,
heterogeneous agents
JEL: E24; J31
Supporting agencies: Research on the topic «Development of a set of general equilibrium models with heterogeneous economic agents for the Russian economy» was carried out at the expense of the grant of the Russian Science Foundation № 21–78–10020. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russia.
About the Authors
E. V. Martyanova
Institute of Applied Economic Study, RANEPA
Russian Federation
Competing Interests:
Russian Federation
Elizaveta V. Martyanova – Jun. Researcher, Institute of Applied Economic Research
Moscow
Competing Interests:
The authors have no conflicts of interest to declare
A. V. Polbin
Institute of Applied Economic Study, RANEPA; Gaidar Institute for Economic Policy
Russian Federation
Competing Interests:
Russian Federation
Andrei V. Polbin – Can. Sci. (Econ.), Head of the Laboratory of Mathematical Modeling of Economic Processes; Deputy Head of the International Laboratory for Mathematical Modeling of Economic Processes
Moscow
Competing Interests:
The authors have no conflicts of interest to declare
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Review
For citations:
Martyanova E.V., Polbin A.V. Analysis of Household Income Dynamics in the Russia Based on the RLMS Database. Finance: Theory and Practice. 2022;26(6):271-287. https://doi.org/10.26794/2587-5671-2022-26-6-271-287
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