Macroeconomic derivatives, sometimes simply called economic derivatives, are derivatives that are linked to the performance of an economic indicator such as GDP, employment levels, etc.
Much of the interest in economic derivatives seems to come from those who are interested in watching trading in them as a means of generating market based economic forecasts. The problem is that there seems to be little motivation for people to actually trade them, except purely speculatively.
Although they may seem to have a use in hedging positions in cyclical sectors, this can be done better with index derivatives.