We constructed an overlapping-generations model with endogenous fertility to analyze the effects of child benefits and pensions on the welfare of current and future generations. The following results were obtained. First, in the case without pension and accelerated fiscal reforms, the best...

This paper analyzes the possibility of some generations' welfare improvement via child benefit programs, without making any generation worse off, in an overlapping generations economy that has endogenous fertility and large government debt levels. We derive the conditions for this improvement...