In overlapping generations models with endogenous fertility wherein the retired partake of consumption but do not … contribute to production (through their labor), fertility has a positive and a negative externality. These can be internalized … crucially on the assumption that no parents are better than others in raising their children and that fertility can be perfectly …

retirement age aiming at offsetting the effects on the supply of labour following fertility changes. We find that the retirement … age should increase more than proportionally to the direct fall in the labour supply caused by a fall in fertility. The …

We explore the optimal fertility timing in a four-period OLG economy with physical capital, whose specificity is to … include not one, but two reproduction periods. It is shown that, for a given total fertility rate, the economy exhibits quite … that there is no one-to-one substitutability between early and late fertility. We also extend Samuelson’s Serendipity …

We explore the optimal fertility age-pattern in a four-period OLG economy with physical capital accumulation. For that ….s Serendipity Theorem still holds. Finally, we study the dynamics and social optimum of an economy with interior fertility rates … during the reproduction period. It is shown that various fertility age-patterns are compatible with the social optimum, as …

annuity market with actuarially fair return, imposing the optimum fertility rate and the optimum survival rate leads the …

to inefficiently low fertility in equilibrium. The friction is caused by the lack of ownership of children: if parents …. We analyze an overlapping-generations (OLG) model with fertility choice and parental altruism. Ownership is modeled as a … Tertilt [38], we find that whenever the transfer floor is binding, fertility choices are inefficient. Second, we show that the …

of fertility and mortality changes in a common framework, we incorporate realistic demographic features into a continuous … countries (such as the USA), we find that a fertility increase and a mortality decline, while both causing a rise in the … population growth rate, have opposite effects on capital accumulation. We also consider simultaneous fertility and mortality …