Report of the training workshop on the ECLAC methodology for assessing the macroeconomic, social and environmental impacts of natural disasters

.--Attendance.--Opening.--Agenda.--Special aspects of disasters in the context of small island States in the Caribbean.--Methodological and conceptual aspects of assessment.--Sector evaluation.--Infrastructure.--Economic (productive) sectors.--Information systems.--Effects of damages.--Institutional capacity.--Definition of the reconstruction strategy.--Closing remarks by presenters of the methodology.--Feedback, critique and comments on the ECLAC methodology.--Disaster assessment experiences.--Policy implications.--Follow-up.

Integrating gender into macroeconomic policy and The use of gender indicators in public policy-making.

This issue of the Gender Dialogue focuses on two programmatic areas of ECLAC’s work over recent years, namely (i) integrating gender into macroeconomic policy and (ii) the use of gender indicators in public policy-making. In its work on integrating gender into macroeconomic policy, the ECLAC Subregional Headquarters for the Caribbean conducted a study to determine the capacity of economic planning units in selected countries of the subregion to integrate gender into the macreconomic planning process and the findings are highlighted below. The study is intended to assist in the development of a training agenda for Caribbean economic planners and others involved in the formulation of macroeconomic policy. Further, as part of a wider ECLAC project on the use of gender indicators in public policy–making, a database of gender indicators for the Caribbean has been created and the broad elements of the database are also presented in this issue.

Meeting held on engendering macroeconomic policy

.--Home.--Meeting on engendering macroeconomic policy.--Are macroeconomic policies gender neutral?.--Women, Men and Poverty.--UNDP support for a gender-responsive macroeconomic development planning in the Caribbean.--COMMENTARY: Males and females are victims of marginalisation.--Legislative reform project on Family Law and Domestic Violence.--Gender Focal Points in regional organisations and institutions.

Caribbean development report: Macroeconomic policy for structural transformation and social protection in small states

The second Caribbean Development Roundtable hosted by the Economic Commission for Latin America and the Caribbean, was held in Guyana, in May 30, 2012. The theme of the meeting was “Macroeconomic Policy for Structural Transformation and Social Protection in Small Sates.” The participants included the Ministers of Finance of Guyana and of Trinidad and Tobago, the Honourable Ashni Singh and the Honourable Winston Dookeran, and high level policy-makers and regional and international experts. Special guests were a delegation from Brazil.

Report on expert group meeting on macroeconomic modelling in the Caribbean: new challenges and new directions

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Report on expert group workshop on macroeconomic modelling in the Caribbean: new challenges and new directions.

The purpose of the expert group meeting was to bring together modelling practitioners to share experiences and to reflect on how to overcome new and old challenges to model building in the Caribbean. As part of the rationale for such a meeting, it was argued that since a major objective of policymaking in the Caribbean was to create the conditions for growth with equity while reducing vulnerability to economic and environmental shocks, model builders must develop strategies to properly address those questions in a unified way. It was further suggested that those goals, though straightforward, required a concentrated technical effort to clarify and update understanding of the workings of Caribbean economies. The emphasis on addressing issues of growth, equity and vulnerability was urgent because Caribbean economies were at a crossroads, with major challenges to the foundations and premises on which the economies had been built.

Macroeconomic trade-offs and external vulnerabilities of human development in Nicaragua

Nicaragua is making progress towards the Millennium Development Goals, but is set to miss a number of targets in 2015. This paper’s general equilibrium analysis shows that it is unfeasible for the government to step up spending in order to meet these targets by the 2015 deadline. Any boost to public spending and financing would have to be front-loaded, which would entail pernicious macroeconomic trade-offs. A more realistic scenario would be to postpone meeting the goals until 2020. In that case, the allocation of public spending would spur economic growth without causing macroeconomic hardships, although the country would nevertheless remain highly vulnerable to external shocks.

Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound

We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007–09 via a time-varying parameter structural VAR model. We identify a “pure” spread shock defined as a shock that leaves the policy rate unchanged, which allows us to characterize the macroeconomic consequences of a decline in the yield spread induced by central banks’ asset purchases within an environment in which the policy rate is constrained by the effective zero lower bound. Two key findings stand out. First, compressions in the long-term yield spread exert a powerful effect on both output growth and inflation. Second, conditional on available estimates of the impact of the Federal Reserve’s and the Bank of England’s asset purchase programs on long-term yield spreads, our counterfactual simulations suggest that U.S. and U.K. unconventional monetary policy actions have averted significant risks both of deflation and of output collapses comparable to those that took place during the Great Depression.