Kim, Seongeun; Tertilt, Michèle; Yum, Minchul - 2021
currently has the lowest total fertility rate in the world. In this paper, we propose a theory with status externalities and … endogenous fertility that connects these two facts. Using a quantitative heterogeneous-agent model calibrated to Korea, we find … that fertility would be 16% higher in the absence of the status externality and that childlessness in the poorest quintile …