fertility and therefore to a need for government intervention. The friction we investigate is related to the ownership of … whenever thetransfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic … inefficiency in standard OLG models with exogenous fertility and Millian efficiency in models with endogenous fertility. In …

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 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 …

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 …

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

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