In this paper it is argued that models for completed fertility have to take into consideration that childless couples and couples with an only child are qualitatively different from couples with two or more children. Indeed, these differences may be the cause of the underdispersion that...

We aim to provide an explanation for the combination of the relatively low female participation rates and lowest-low fertility levels in Italy. Starting from the assumption that childbearing decisions also depend on uncertainty about future employment, income, and wealth, we empirically assess...