the inflation–unemployment dynamics during the recession and COVID-19 times in India and the UK. Using a generalized … recession and eventually turn to stagflation in India due to inflation caused by the weak supply side. However, in the UK, the …

find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s but has … below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than … anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 …