The type of monetary system a country uses affects how long inflation lasts. Fixed exchange rates like the gold standard lead to short-lived inflation, while managed rates cause inflation to stick around. The time between the two World Wars saw prices dropping for a long time, while more recent times with floating exchange rates have seen prices rising persistently. This happens because flexible exchange rates allow for more changes in prices to be accommodated by money and exchange rates. The way money is managed can influence what people expect and how wages and prices are set.