This study identifies the causal effect of pension generosity on women's fertility behavior. It capitalizes on Brazil … age by 10% in the short-run. Completed fertility declines by 1.3 children within 20 years after the reform, reducing the … contribution base of the Pay-As-You-Go pension system in the long-run. The fertility response is strongest at higher birth parities …

This study identifies the causal effect of pension generosity on women’s fertility behavior. It capitalizes on Brazil … age by 10% in the short-run. Completed fertility declines by 1.3 children within 20 years after the reform, reducing the … contribution base of the Pay-As-You-Go pension system in the long-run. The fertility response is strongest at higher birth parities …

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 …

We set up an overlapping generations model with endogenous fertility to study pensions policies in an ageing economy … have negative effects on the fertility rate, thus exacerbating population ageing …

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 …