The inverse relationship between unemployment rate and inflation when graphically charted is called the Phillips curve. It is a single-equation economic model, named after William Phillips. You can read about the Inflation in Economy- Types of Inflation, Inflation Remedies [UPSC Notes] in the given link.
Since 1974, seven Nobel Prizes have been given to economists for, among other things, work critical of some variations of the Phillips curve.
Further readings:
- Inflation Targeting: Methods, Drawbacks and Benefits
- Indian Economy Notes For UPSC Exam [Download PDFs]
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