How Population Aging Influences Fertility Rate?Based on the Perspective of Life Expectancy Increasing and Adjusting Pension Insurance Contribution Rate
Theoretically,the increase in life expectancy and the adjustment of pension insurance contribution rate resulting from population aging greatly influence fertility rate.This paper studies this topic by building a general equilibrium OLG model with endogenous fertility rate and parameter calibration,and analyzes their influence on economic growth and residents'welfare.Results show that:the impact of life expectancy increase on fertility rate is affected by the preference level of representative consumer offspring.If the degree of preference for offspring is lower than some particular level,the increase in life expectancy will increase fertility rate;otherwise,it would result in a decrease in fertility rate.The increase in pension insurance contribution rate would decrease fertility rate.Based on the influence on fertility rate,the increase in life expectancy almost surely would increase output per labor and residents'welfare;and the increase in pension insurance contribution rate would result in a decrease in output per labor and the residents'welfare within the feasible contribution rate.This work provides a theoretical basis for the impact mechanism of life expectancy growth and pension insurance contribution rate adjustment on fertility rate in the era of population aging and a model reference for fertility rate promotion policies.
Population AgingFertility RatePension Insurance Contribution RateLife Expectancy