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.
- Inflation Targeting: Methods, Drawbacks and Benefits
- Indian Economy Notes For UPSC Exam [Download PDFs]
Fiscal Policy in India – Objectives, Components, Fiscal Consolidation, FRBM Act, 2003