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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/30500
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| Title: | | What explains fertility? : evidence from Italian pension reforms  |
| Authors: | | Billari, Francesco C. Galasso, Vincenzo |
| Issue Date: | | 2009 |
| Series/Report no.: | | CESifo working paper 2646 |
| 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. |
| Subjects: | | old-age security public pension systems fertility altruism |
| JEL: | | H55 J13 D64 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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