We explore the optimal fertility timing in a four-period OLG economy with physical capital, whose specificity is to … include not one, but two reproduction periods. It is shown that, for a given total fertility rate, the economy exhibits quite … that there is no one-to-one substitutability between early and late fertility. We also extend Samuelson’s Serendipity …

We explore the optimal fertility age-pattern in a four-period OLG economy with physical capital accumulation. For that ….s Serendipity Theorem still holds. Finally, we study the dynamics and social optimum of an economy with interior fertility rates … during the reproduction period. It is shown that various fertility age-patterns are compatible with the social optimum, as …

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 …

Phelps's (1961) Golden Rule states an unambiguous relationship be- tween optimal capital intensity and fertility: a … rise in fertility decreases the optimal capital intensity, because a higher fertility increases the in- vestment required … 2 subpopulations having dis- tinct fertility behaviors. We derive the optimal accumulation rule in that framework, and …

annuity market with actuarially fair return, imposing the optimum fertility rate and the optimum survival rate leads the …

annuity market with actuarially fair return, imposing the optimum fertility rate and the optimum survival rate leads the …

We examine the dynamic interaction of the population age structure, economic dependency, and fertility, paying … particular attention to the role of intergenerational transfers. In the short run, a reduction in fertility produces a quot … probabilistic fashion. We show that most highly developed countries have fertility below the rate that maximizes steady state …