see attached pdf file

After the fall in fertility during the demographic transition, many developed countries experienced a baby bust, followed by the baby boom and subsequently a return to low fertility (BBB event). Demographers have linked these large fluctuations in fertility to the series of ‘economic shocks’...

"Economic demographers have long analyzed fertility cycles. This paper builds a foundation for these cycles in a model of fertility choice with dynastic altruism and aggregate shocks. It is shown that under reasonable parameter values, fertility is pro-cyclical and that, following a shock,...

"The Barro-Becker model is a simple intuitive model of fertility choice. In its original formulation, however, it has not been very successful at reproducing the changes in fertility choice in response to decreased mortality and increased income growth that demographers have emphasized in...