We reappraise the robustness of sunspot effects in overlapping-generations models. Azariadis’s well-known example economies have stationary, deterministic fundamentals (preferences, technologies, and endowments), yet sunspots affect multiple equilibria. And those equilibria are robust to...

We find preferences that discount utility from future consumption yet violate the standard growth condition in representative-agent endowment economies. Such economies have no competitive equilibria, but have quasi equilibria. The supporting price systems include a type of speculative bubble.

We reappraise the significance and robustness of indeterminacy in overlapping-generations models. In any of Gale's example economies with an equilibrium that is not locally unique, for instance, perturbing the economy by judiciously splitting each of Gale's goods into two close substitutes...