Booth, Alison L; Sepulveda, Facundo - C.E.P.R. Discussion Papers - 2004
older generations, and in turn choose current levels of fertility subsidies, and future levels of social security benefits …. We find that subsidies to the costs of children expand the set of equilibria, making social security viable where it … would otherwise have to be abandoned. Moreover, the model successfully captures the observed evolution of social security …