<P> The Phillips curve is a single - equation empirical model , named after William Phillips , describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy . Stated simply , decreased unemployment , ( i.e. , increased levels of employment ) in an economy will correlate with higher rates of inflation . </P>
<P> The Phillips curve is a single - equation empirical model , named after William Phillips , describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy . Stated simply , decreased unemployment , ( i.e. , increased levels of employment ) in an economy will correlate with higher rates of inflation . </P>
the short − run phillips curve shows a relationship between the
the short − run phillips curve shows a relationship between the
rates of unemployment and corresponding rates of inflation that result within an economy
rates of unemployment and corresponding rates of inflation that result within an economy