@techreport{Billari2009What,
abstract = {Why do people have kids in developed societies? We propose an empirical test of two alternative theories - children as consumption vs. investment good. We use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment across workers. This policy experiment is particularly well suited, since the consumption motive predicts lower future pensions to reduce fertility, while the old-age security to increase it. Our empirical analysis identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are consistent with old-age security even for contemporary fertility.},
address = {M\"{u}nchen},
author = {Francesco C. Billari and Vincenzo Galasso},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {H55; J13; D64; 330; old-age security; public pension systems; fertility; altruism; Fruchtbarkeit; Kinder; Investition; Konsumgut; Rentenreform; Bev\"{o}lkerungsentwicklung; Italien},
language = {eng},
number = {2646},
publisher = {CESifo},
title = {What explains fertility? : evidence from Italian pension reforms},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/30500},
year = {2009}
}
