social security and endogenous retirement and fertility decisions. It demonstrates that neither fertility nor retirement … fertility and the elderly labor supply in the economy as a whole. It shows that governments can realize the first …

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered … which a public pension system depresses fertility. Our theoretical framework highlights that the effect of a public pension … system on fertility works via the impact of contributions in such a system on disposable income as well as via the impact on …

fertility. What type of model is consistent with this finding? We explore this question using two models of fertility: one by …-age transfers. The effect of increases in government provided pensions on fertility in the Barro and Becker model is very small …, whereas the effect on fertility in the Boldrin and Jones model is sizeable and accounts for between 55 and 65% of the observed …

fertility. What type of model is consistent with this finding? We explore this question using two models of fertility, the one … them with old age transfers. The effect of increases in government provided pensions on fertility in the Barro and Becker … model is very small, and inconsistent with the empirical findings. The effect on fertility in the Boldrin and Jones model is …