Evidence suggests that the wage-settlements data tend to overstate the amount of nominal wage rigidity in the economy, since base wage rates for workers outside the unionized sector are typically more flexible.28 For example, small firms tend to have more flexible pay practices, while variable compensation, including adjustments to non-wage benefits, also allows for more nominal wage flexibility.
Nevertheless, it has streamlined its operational functions, while investing in more than previously in its economic research and communications activities. The Bank now has 390 employees (at mid-2014) and 580 when the Financial Supervision Authority is included. The Bank of Finland has traditionally invested a significant amount of resources in economic research. This continues today.