One of the outstanding features of recoveries from the 1990-91, 2001 and 2007-09 recessions was the mild recoveries from each. Except for the boom of the late nineties when real GDP grew between 4 and 5 % (1997-2000), real GDP between 1992 and 2019 grew at annual rate of less than 4 % each year. During the 28 year period from 1992 to 2020 inflation, except for a brief period in 2005-06, generally fell in the 1 to 3 % range, which had not been the case for the quarter century 1967-1991. While other factors, no doubt, also contributed to very low inflation, surely the weak recoveries were an important factor tending to mitigate inflationary pressure. This was especially true of the decade of tepid recovery after the Great Recession of 2007-09. The unemployment rate peaked at 9.5% in both 2009 (the cyclical trough) and 2010, and still averaged about 8% in 2012. In contrast, unemployment peaked during April 2020 at 14.7% for the Covid Contraction and fell very quickly -- about1% per month in 2020 so that by December of that year that rate had plummeted to 6.7% and it would sink further to 3.6% by early 2022. It would seem that the sharp monetary and fiscal stimulus that contributed to the strong and rapid recovery from the 2020 recession, among other factors, such as covid-induced supply side issues, contributed to reflation that has seen the U.S. CPI to rises at annual rate of 8.5% by early 2022.
Yes, the silver lining of the weak recoveries of the three US recessions between 1990 and 2010 was very low inflation.
Bernanke argued that central banks’ focus on anchoring expectations has been the “most important factor over the long haul” in the behavior of price inflation.
Changes in the global economy may have suppressed inflation in the U.S. even while unemployment has been declining; globalization not only has direct immediate effects on inflation but does affect the Phillips Curve. Shifts in the industrial composition of the economy complicate the use of traditional inflation statistics. The Fed is currently in the process of reviewing its monetary policy framework.
With respect to the 1990s, some statistical observations are in this link:
Article Monetophysics
Inflation is not about general increases in prices as such, but about the increase in the money supply. As a rule, the increase in the money supply sets in motion general increases in prices. The economic effect of money that was created out of thin air is the same as that of counterfeit money — it impoverishes wealth generators. The money created out of thin air diverts real wealth toward the holders of new money.
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Mild steady inflation cannot help—it can lead only to outright inflation. That inflation at a constant rate soon ceases to have any stimulating effect, and in the end merely leaves us with a backlog of delayed adaptations, is the conclusive argument against the "mild" inflation represented as beneficial even in standard economics textbooks.“ — Friedrich Hayek
I assume that in the question you meant "low inflation" instead of "flow inflation"! The recessions you mentioned up to 2009 were accompanied, at least in Europe, by a certain restraint in monetary and fiscal policy, initially caused by the convergence criteria in connection with the introduction of the euro. The crisis of 2007-09 brought about the collapse of the interbank business, severely constraining the banking sector's deposit money creation. As a result, central banks expanded the monetary base significantly and bought huge amounts of government debt. Together with the zero interest rate policy, this led to a significant expansion of the money supply, which, together with exogenous factors such as the Covid pandemic, energy shortages and restrictions on international supply chains, triggered tremendous price pressure, which finally erupted in a significant inflationary process in 2022. Now the central banks have to withdraw their expansive policies as soon as possible so that inflation doesn't get any further. For the time being, the employment situation appears to be less at risk, since demographic changes are more likely to result in a shortage of the workforce.
For the 2007-09 crisis see:
https://www.researchgate.net/publication/273777000_Institutional_Economics_Risk_Management_and_Breakdown_of_Corporate_Social_Responsibility_Towards_a_New_Architecture_of_Financial_Markets
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