critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … aggregate fertility on household savings … perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers …

critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents … aggregate fertility on household savings … perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers …

heterogeneity of rearing costs and of enjoying children is introduced. Two major results: (i) excluding negative savings, fertility … decreases with pension contributions and increases with taxes; (ii) the introduction of fertility-dependent pensions may … strengthen heterogeneity in fertility. …

In the last century, most countries have experienced both an increase in pension spending and a decline in fertility …. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …