From the mid-1990s onwards, Swedish wage bargaining has been characterised by informal co-ordination of the wage claims of big unions and bargaining cartels. In particular, it has been understood that the manufacturing sector should lead by first agreeing on a pay increase, whereafter the...

This paper suggests an analysis of monetary policy reactions in a typical Finnish business cycle during the regime of credit rationing. We start by presenting a macroeconomic model which incorporates the institutional characteristics of repressed financial markets and which can generate cyclical...

This paper reviews Finland's growth strategy in the postwar decades. Finland was able to initiate an impressive mobilization of resources during this period, reflected mostly in a high rate of capital accumulation for manufacturing industries. This was achieved by an unorthodox combination of...