Macro Waves

This second episode analyses the role of inflation targeting in the big disinflation of the 90s, the implications for growth, volatility of growth and inflation, real interest rates and inflation expectations. It also discusses the different perspectives on inflation targeting before and after the Global Financial Crisis of 2008. Interview conducted with François Doux. Hosted on Ausha. See ausha.c...

In this first episode, William De Vijlder discusses why low and stable inflation is important and how this led, about 30 years ago, in New Zealand, to introduce a monetary policy based on inflation targeting. He also discusses how this approach has been adopted by an increasing number of central banks. Interview conducted with François Doux. Hosted on Ausha. See ausha.co/privacy-policy for more in...

Climate change and inclusive growth are closely linked. Low income households will tend to suffer more from the negative economic consequences of global warming. Policy measures to reduce carbon emissions may also have a relatively speaking bigger impact on low income households. These topics are discussed by William De Vijlder in the final podcast of this series. Interview conducted with François...

Addressing inequalities is one of the core challenges for inclusive growth. This episode discusses why, within a given country, inclusive growth is key in tackling inequality and what can be done about it in terms of policy. Interview conducted with François Doux. Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this new series, William De Vijlder promotes the idea that growth can only be sustainable if it is inclusive. Indeed, poverty reduction on a lasting basis requires inclusive growth that allows people to contribute to and benefit from economic growth. In this first episode, we find out that inclusive growth refers both to the pace and pattern of growth, which are significantly interlinked. Inter...

The psychology of a recession, Episode 3 - The stylised facts of a recession (considerable drop in equity prices, widening of the spread between corporate and government bonds) imply that during a slowdown, investors will focus their attention on the likelihood of entering a recession. The sensitivity to bad news increases, the investment horizon shortens and volatility rises, with a detrimental i...

The psychology of a recession, Episode 2 - Slower growth will raise the concern of households that unemployment will increase. Greater caution means less spending. Companies will scale back investments because they represent a long horizon commitment which moreover is irreversible. Banks will also become more cautious in extending credit, being concerned that the balance sheet quality of customer...

The psychology of a recession, Episode 1 - A significant growth slowdown triggers anxiety that worse is to come. Households and companies hate uncertainty, confidence drops and a negative spiral develops. Although central banks may adopt a more dovish tone, the minds will still be dominated by a feeling that growth is missing. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Third and last episode of the series dedicated to Globalization. In past episodes its limits were mentionned, but what's new for the future of globalization? William De Vijlder discusses three levels of globalization sustainability: inclusion, environment, financial stability – major challenges for economic policy. Interview conducted with François Doux. Hosted on Ausha. See ausha.co/privacy-polic...

Second episode of the bseries of three dedicated to Globalization. William De Vijlder analyses the transition from multilateralism to bilateralism, in the USA-China relations in particular. What are the consequences of growing bilateralism and uncertainty for trade, capital flows? Interview conducted with François Doux. Hosted on Ausha. See ausha.co/privacy-policy for more information.

First episode of three dedicated to Globalization. What made globalization possible? In this first episode, William De Vijlder, the chief economist of BNP Paribas, distinguishes four drivers of globalization and discusses its limits. Interview conducted with François Doux. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Last episode of the series of three podcasts devoted to green finance. Responsible finance gives sense to our investments. How to influence stakeholders (households, businesses, markets finances, public authorities) and adapt our behaviour? William De Vijlder reviews possible solutions and recommends a proactive approach in which everyone integrates the reality of climate change into their decisio...

Second episode of the series of three dedicated to Green finance. Green finance is a vehicle for financing the investments needed for sustainable economic development. Is climate change an opportunity or a risk for growth? In this episode, William De Vijlder, discusses three scenarios and talks about the ambitions of economic policy that begins to take into account growth objectives respectful of...

First episode of three dedicated to Green Finance. Since the end of the 70's, we have been talking about the climatic consequences of economic development. How does finance respond to the needs of a more sustainable development? In this first episode, William De Vijlder, the chief economist of BNP Paribas, reviews the definition, origins and perspectives of green finance. Interview conducted with...

Last episode of three dedicated to the tenth anniversary of the 2008 crisis and the Great Recession. Considering that the US business cycle is well advanced, time has come to assess which recipes central bankers will use to address the next downturn? William De Vijlder expects a creative approach will be adopted. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Second episode of three dedicated to the tenth anniversary of the 2008 crisis. After the Great Recession of 2008 William De Vijlder discusses the end of quantitative easing and the move towards a monetary policy which is less benign for financial markets. The road to normalization seems to be long and winding… Hosted on Ausha. See ausha.co/privacy-policy for more information.

First episode of three dedicated to the tenth anniversary of the 2008 crisis. What happened in 2008? And how has this global shock changed the role of central banks and impacted financial circles? William De Vijlder, BNP Paribas Group Chief Economist, reviews history and explores the solutions found at that time. Hosted on Ausha. See ausha.co/privacy-policy for more information.