Phillips curve

This term refers to a specific theoretical framework in macroeconomics. It is used primarily in academic, governmental, and financial contexts to discuss the trade-off between inflation and unemployment. While the original model suggested a stable inverse relationship, modern economic discourse often distinguishes between the short-run and long-run versions of the curve.

As a proper noun phrase derived from the name of economist A.W. Phillips, the term is typically capitalized. It functions as a technical label for a graphical representation rather than a general descriptive phrase.