forecasting strategies based on satisficing evolutionary dynamics. We find that convergence to a long-run equilibrium … evolutionary dynamics. Therefore, in accordance with the empirical evidence, persistent heterogeneity in inflation expectations … in inflation expectations (with predominance of the adaptive foresight strategy) is an attractor of a noisy satisficing …

heuristics based on satisficing evolutionary dynamics. We show that convergence towards an equilibrium consistent with the level … evolutionary dynamics that guide the choices agents make between inflation forecasting strategies are subject to noise. We also … of output and rate of inflation targeted by policy makers is achieved regardless of whether or not the satisficing …