Stagflation is when there is stagnant economic growth (so no activity) and high inflation.
This is related to the origins of the Phillips Curve
Monetary offset is where the governments expansionaryfiscal policy (increased government spending) to boost the economy during a recession conflicts with the central bank's objective of reducing inflation and controlling the money supply in a recession.
What does the long-run Phillips curve represent?
It represents the rate of unemployment where there is neither upward nor downward pressure on inflation.
a.k.a NAIRU (Non-Accelerating Inflation Rate of Unemployment).
What does the short-run Phillips curve represent?
It represents a trade-off between inflation and unemployment.
