Singapore Metro Map on It is widely believed that in developed countries, the optimal inflation rate is somewhere between 0 percent and 3 percent. Those who advocate price stability prefer 0 percent, whereas those who emphasize the benefit of small positive inflation prefer 3 percent. Economists believe there is a short-run trade-off between inflation and unemployment. This relationship is called the PHILLIPS CURVE, after British economist A.W. Phillips who first observed a negative relationship between the inflation rate and the unemployment rate. The current version of this relationship can be described through this equation: = e b(u-un) + e, b>0 According to this relationship, the actual inflation rate exceeds the expected rate of inflation e if the actual unemployment rate u exceeds the natural rate of unemployment un. Singapore Metro Map 2016.
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