THE BEVERIDGE CURVE ON THE STATE OF THE LABOR MARKET IN THE USA AND RUSSIA
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Author(s): | Mesyats K. M., Teplovodskiy M. N., |
| Number of journal: | 2(71) | Date: | June 2025 |
| Annotation: | This article examines the features of the labor market in the United States and the Russian Federation using the Beveridge curve. The Beveridge curve is a tool for analyzing the unemployment rate and vacancy rate, establishes the natural unemployment rate that is effective for the economy, and ana- lyzes the state of the labor market. Deviations from the Beve- ridge curve indicate that the economy is in the upswing phase of the economic cycle, when the vacancy rate exceeds the unem- ployment rate, or in the recession phase, when the unemploy- ment rate exceeds the vacancy rate, which was clearly demon- strated during the Great Recession and the economic downturn during the COVID-19 pandemic. The labor market in the United States during the recovery periods after two recessions showed achieving maximum employment and an unemployment rate of 3.4-3.5%, while during the recovery the US economy is able to maintain unemployment at 3.5%. In the Russian Federation, the highest burden was observed in 2010 and 2020, during two economic crises associated with the Great Recession and the pandemic. In modern conditions, there is an excess of vacancies over the number of unemployed, an overhang of vacant jobs has formed, and the economies of both the US and Russia are showing significant rates of economic growth. Both natural and structural, as well as cyclical unemployment, are considered, including at the peak of the coronavirus pandemic. There was a change in the balance between the demand and supply of labor, which caused a change in the natural unemployment rate below the full employment level. Experimentally, the Beveridge curve showed a decrease in the natural unemployment rate to 4.75% for the US economy, and to 3.23% for Russia. | ||
| Keywords: | a change in the balance between the demand and supply of labor, which caused a change in the natural unemployment rate below the full employment level. Experimentally, the Beveridge curve showed a decrease in the natural unemployment rate to 4.75% for the US economy, and to 3.23% for Russia. |
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| For citation: | Teplovodskiy M. N., Mesyats K. M. The Beveridge curve on the state of the labor market in the USA and Russia. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2025;2(71):170—177. DOI: 10.25683/VOLBI.2025.71.1329. |
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