Bismarck pension system. Distortions of the fertility decision can be reduced through the introduction of a stronger child …

human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and … displays both a benefit contingent on the contributions of children and a purely fertility-related component. …

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. …

-as-you-go pension system. Family allowances are compared to introducing a fertility-related component into the pension formula. In an …

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered … which a public pension system depresses fertility. Our theoretical framework highlights that the effect of a public pension … system on fertility works via the impact of contributions in such a system on disposable income as well as via the impact on …