TY  - RPRT
        AU  - Bloom, David E.
AU  - Kuhn, Michael
AU  - Prettner, Klaus
        TI  - Fertility in High-Income Countries: Trends, Patterns, Determinants, and Consequences
        PY  - 2023/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16500
        UR  - https://www.iza.org/publications/dp16500
        AB  - High-income countries have generally experienced falling fertility in recent decades. In most of these countries, the total fertility rate is now below the level that implies a stable population in the long run. This has led to concerns among economists, policymakers, and the wider public about the economic consequences of low fertility and population decline. In this contribution, we aim to i) describe the main determinants of low fertility in high-income countries, ii) assess its potential economic consequences, iii) discuss adjustment mechanisms for individuals and economies, iv) propose a simple economic framework to analyze the long-run economic impact of low fertility, and v) draw lessons for economic policymakers to react appropriately. While the economic challenges of low fertility are substantial, a thoughtful and consistent policy response can mitigate most of the adverse consequences.
        KW  - long-run economic growth
KW  - economic consequences of population decline
KW  - depopulation
KW  - below replacement fertility
KW  - low fertility
KW  - economic policies to address low fertility
        ER  -