In the short-run, however, substantial differences existed. During the First World War entertainment expenditure moved in opposite directions in France and Britain and remained stable in the US. During the great depression US real entertainment expenditure shrunk substantially, while European levels remained stable. The French expenditure level was substantially lower than in the other two countries, about a fifth in 1938 using exchange rates, although the difference is difficult to quantify because of devaluation of the franc and purchasing power parity issues. French expenditure also fluctuated more in the short term. .
