predicts lower future pensions to reduce fertility, while the 'old-age security' to increase it. Our empirical analysis … identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are … consistent with 'old-age security' even for contemporary fertility. …

failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The …) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents … transfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic inefficiency in …

In the last century most countries have experienced both an increase in pension spending and a decline in fertility. We … argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …

This paper studies the design of pension schemes in a society where fertility is endogenous and parents differ in their …, fertility must be subsidized at the margin to correct for the externality that accompanies fertility. In a world of asymmetric … offsetting tax on fertility depending on whether the redistribution is towards people with more or less children. In the former …

In this Paper, we study the role of subsidies to fertility in ensuring the political viability of unfunded social … older generations, and in turn choose current levels of fertility subsidies, and future levels of social security benefits … converge to a steady state lower than simple extrapolation of current trends would imply, and fertility will rebound with the …