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Standard approaches to computing interpolated (in-between) frames in a video sequence require accurate pixel correspondences between images e.g. using optical flow. We present an efficient alternative by leveraging recent developments in phase-based methods that represent motion in the phase shift of individual pixels. This concept allows in-between images to be generated by simple per-pixel phase modification, without the need for any form of explicit correspondence estimation. Up until now, such methods have been limited in the range of motion that can be interpolated, which fundamentally restricts their usefulness. In order to reduce these limitations, we introduce a novel, bounded phase shift correction method that combines phase information across the levels of a multi-scale pyramid. Additionally, we propose extensions for phase-based image synthesis that yield smoother transitions between the interpolated images. Our approach avoids expensive global optimization typical of optical flow methods, and is both simple to implement and easy to parallelize. This allows us to interpolate frames at a fraction of the computational cost of traditional optical flow-based solutions, while achieving similar quality and in some cases even superior results. Our method fails gracefully in difficult interpolation settings, e.g., significant appearance changes, where flow-based methods often introduce serious visual artifacts. Due to its efficiency, our method is especially well suited for frame interpolation and retiming of high resolution, high frame rate video.