FWCP - What does FWCP stand for? The Free Dictionary
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or the Fraction of Wage Cuts Prevented is an index used to quantify the degree of downward nominal wage inflexibility by calculating a theoretical or notional incidence rate of wage cuts based on there being no rigidities and comparing that to actual empirical records of wage cuts.
In Figure 5 we display the relation between estimated FWCP
and average inflation rates for the complete time period and for two sub periods.