In the United States, the United Kingdom, Germany, France, the following periods were characterized by:
- 1700-1900: low inflation — 1914-1929: high inflation — 2007-2014: low inflation.
- 1700-1900: low inflation — 1914-1929: low inflation — 2007-2014: high inflation.
- 1700-1900: low inflation — 1914-1929: high inflation — 2007-2014: high inflation.
- 1700-1900: high inflation — 1914-1929: high inflation — 2007-2014: low inflation.
- 1700-1900: high inflation — 1914-1929: low inflation — 2007-2014: high inflation.
- 1700-1900: high inflation — 1914-1929: low inflation — 2007-2014: low inflation.
'Low inflation' refers to annual inflation rates ranging from -1% to +2%. High inflation refers to annual inflation rates in excess of 4%. 'A period' refers to most years within the given dates (at least half of the time) and for most countries (at least 3 of 5 countries).
The period 1700-1914 was a period in which most currencies were pegged to gold or other precious metals at a fixed rate, resulting in moderate price fluctuations (caused mostly by gold discoveries and shortages). The period 1914-1929 was a period of post-war reconstruction, with government finances damaged by the first world war (especially Germany who was being forced to pay for the cost of the war), and goods and stock prices soaring. France and Germany experienced hyperinflation in the early 1920s. The period 2007-2014 was the period of the 'Great Recession', with countries (especially Europe and Japan) threatened by deflation.