fertility setting. In the model of a small open economy, higher fertility is associated with a reduction of lifetime labor … supply. The optimum share of fertility-related pensions is always below unity, but generally positive. The former is true … demonstrated that child allowances are equivalent to fertility-related pensions as instruments to achieve an efficient allocation. …

-as-you-go pension system. Family allowances are compared to introducing a fertility-related component into the pension formula. In an …

human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and … displays both a benefit contingent on the contributions of children and a purely fertility-related component. …