Pulse response characteristics are reported for simple varistor materials in the ZnO-Bi2O3-MnO2 system. It is shown that small additions of Li2O or In2O3 can enhance or eliminate the materials inductive behavior, which is responsible for voltage overshoot and current undershoot. A possible connection of the inductive behavior with deep electron traps, which is suggested by the equal time constants at room temperature of the inductive current rise and the electron emission from the traps, is examined. Measurements of the pulse response characteristics at low temperature reveal a weak temperature dependence that fails to support such a connection. A phenomenological model is given that predicts the varistor pulse response characteristics. Both the experimental results and the model predictions are discussed in relation to theories that connect the inductive response to electron holes that become trapped at varistor barriers.