THE 'SHAKE-OUT' HYPOTHESIS: A NOTE.

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    • Abstract:
      The article examines the "shake-out" hypothesis that explains the structural break in the relationship between unemployment and job vacancies in Great Britain in 1966. The impact of the shake out of hoarded workers on employment and the degree of utilization of the employed labor force are discussed. The correlation between the unemployment rate and the unemployment benefit level is explored. The article also discusses the estimation of input demand functions.