Phelpsís (1961) Golden Rule states an unambiguous relationship between optimal capital intensity and fertility: a rise … in fertility decreases the optimal capital intensity, because a higher fertility increases the investment required to … having distinct fertility behaviors. We derive the optimal accumulation rule in that framework, and we show that, unlike what …

predicts lower future pensions to reduce fertility, while the "old-age securityʺ to increase it. Our empirical analysis … identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are … consistent with "old-age securityʺ even for contemporary fertility.-- old-age security ; public pension systems ; fertility …

predicts lower future pensions to reduce fertility, while the 'old-age security' to increase it. Our empirical analysis … identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are … consistent with 'old-age security' even for contemporary fertility …