In this paper, we show that fertility shapes the risky investment decisions of the rich and the poor in opposite ways. By exploiting the staggered adoption of two-child policy in place of one-child policy in China, we document that increased fertility encourages richer households to participate...

Allowing migration activity as an integral part of demographic transition and economic development, we establish a locational quantity-quality trade-off of children and explore its macroeconomic consequences. We construct a dynamic competitive migration equilibrium framework with rural agents...

We develop a tractable framework with a fully specified dynamic process of demographic and labor decisions over an individual female's life span to determine the timing of childbearing. Fertility affects women's behavior through three channels: its tradeoff with leisure, its interactions with...