32 For a discussion of the importance of clear Federal Reserve communications in an uncertain economic environment, along with possible enhancements, see the paper Cecchetti and Schoenholtz (2019) prepared for the research conference at the Federal Reserve Bank of Chicago. 31  - 17 our framework and strategy need to change as well.
These approaches have the potential to usefully supplement more informal observation and human judgment (Stock and Watson, 2002; Bernanke and Boivin, 2003; and Giannone, Reichlin, and Small, 2005). The past decade has also witnessed significant progress in analyzing the policy implications of uncertainty regarding the structure of the economy.