2014•Canadian Journal of Economics/Revue canadienne d économiqueRequires access

Fertility, Intra‐Generational Redistribution, and Social Security Sustainability

Makoto Hirazawa, Koji Kitaura, Akira Yakita

Abstract

Abstract Incorporating heterogeneity in preference to having children into an overlapping generations model of a small open economy, we examine the effects of changes in the size of pay‐as‐you‐go (PAYG) social security on fertility choices of individuals and population growth of the economy. It is shown that PAYG social security will raise population growth by increasing the number of individuals who have children and the number of children parents have if the system involves redistribution between retirees with different contributions, whereas, if it has no redistribution, PAYG social security does not affect the fertility decisions of individuals.

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Key concepts: Redistribution (election), Social security, Fertility, Economics, Population, Affect (linguistics), Overlapping generations model, Labour economics