Böckerman, Petri; Laaksonen, Seppo; Vainiomäki, Jari - EconWPA - 2005
This paper explores the incidence of nominal and real wage cuts in the Finnish private sector during the 1990s. Centralized wage freezes together with a positive inflation rate produced real wage cuts for a large proportion of workers during the worst recession years of the early 1990s. In this...