In the three phases of the inflation-unemployment cycle, a period characterized by declining Inflation and unemployment is called the

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The period characterized by declining inflation and unemployment is called the recovery phase. This phase follows the stagflation phase, which is characterized by both high inflation and high unemployment, and precedes the economic growth phase, which is characterized by low unemployment and steady economic growth. The term "Phillips phase" is not commonly used in economics.

In the Three Phases of the Inflation-Unemployment Cycle, a Period