"Economic demographers have long analyzed fertility cycles. This paper builds a foundation for these cycles in a model … of fertility choice with dynastic altruism and aggregate shocks. It is shown that under reasonable parameter values …, fertility is pro-cyclical and that, following a shock, fertility continues to cycle endogenously as subsequent cohorts enter …

II. We develop a quantitative dynamic general equilibrium model with endogenous fertility and female labor … well as patterns for age-specific labor-force participation and fertility rates that are consistent with U.S. data …. -- Fertility ; baby boom ; World War II ; female labor-force participation …