What is the Phillips curve?

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:

  1. Inflation Targeting: Methods, Drawbacks and Benefits
  2. Indian Economy Notes For UPSC Exam [Download PDFs]

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