We examine the dynamic interaction of the population age structure, economic dependency, and fertility, paying … particular attention to the role of intergenerational transfers. In the short run, a reduction in fertility produces a %u201 … probabilistic fashion. We show that most highly developed countries have fertility below the rate that maximizes steady state …

developing countries. This paper presents a theoretical model which integrates micro-level decision making about fertility and …

critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers … aggregate fertility on household savings …

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 …

fertility, and increasing longevity (2005–2100). While all three trends contribute to a higher old age dependency ratio …, increasing college attainment has different implications because it increases labor productivity. Decreasing fertility and …

attainment, decreasing fertility, and increasing longevity between 2005 and 2100. While all three trends contribute to a higher … labor productivity. Decreasing fertility and increasing longevity require the government to increase the average labor tax …

There is growing concern about a decline in the total fertility rate worldwide, but nowhere is the concern greater than … generate incentives for individuals to reduce not just the fertility rate within families, but also the incentive to form … fertility rates. Our results show that the impact of social security on these variables has been non-trivial. Our calibrated …