In general, however, they are ill-suited to forecasting the variable of interest beyond a very short horizon (i.e. nowcasting, or at most, I would say, one quarter ahead). I believe, with others, that the construction, utilization, evaluation and revision of models for economic forecasting and policy making is a complex “organic social process”, a process in which subjective judgment often plays an important role.
In fact: i)  Judgment is often a catchword for a rather complicated mixture of experience, use of formal models, statistical tests and intuition. Part of this process can be made more transparent and more rigorous by applying appropriate statistical techniques.