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Régime de retraite et chute de la natalité : évolution des moeurs ou arbitrage micro-économique ?

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  • Loupias, C.
  • Wigniolle, B.

Abstract

In this paper, we develop an overlapping generations model where fertility is endogenous. The utility of the parents is a function of the number of their children, and each child implies two types of fixed costs: the financial cost and the cost in terms of time. A "pay-as-you-go" pension scheme introduces an externality in that the number of children will be fewer than optimal because their favorable impact on the level of pension income is not taken into account. First, we define the competitive equilibrium dynamics and the steady state. This allows comparisons with the optimal stationary state, a notion which generalizes the golden rule. Two instruments, pensions and child benefits, are necessary to decentralize the optimal state. Next, we compare the scenario depicted by the model with historical fact. Variations in welfare allowances may explain the entire decrease in fertility rates.

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Bibliographic Info

Paper provided by Banque de France in its series Working papers with number 119.

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Length: 43 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:bfr:banfra:119

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Related research

Keywords: Endogenous fecundity ; Pay-as-you-go pension scheme ; Family allowances;

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Cited by:
  1. Thomas BAUDIN, 2009. "Family Policies: What Does The Standard Endogenous Fertility Model Tell Us?," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2009041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. repec:hal:journl:halshs-00275751 is not listed on IDEAS

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