critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence. Finally, we extend the … aggregate fertility on household savings …

when adverse economic shocks occur. These hypotheses are tested using a unique data set collected from China. Our findings …

critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence. Finally, we extend the … aggregate fertility on household savings …

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, increased fertility lowers household savings. Then, we construct … equilibrium effects can substantially overstate the effect of a change in aggregate fertility on households savings. …