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K. Prettner, A. Fürnkranz-Prskawetz:
"Decreasing Fertility, Economic Growth and the Intergenerational Wage Gap.";
Bericht für Vienna Institute of Demography; Berichts-Nr. VID Working Paper 6, 2009; 21 S.

Persistent low fertility rates lead to lower population growth rates and eventually also to
decreasing population sizes in most industrialized countries. There are fears that this
demographic development is associated with declines in per capita GDP and possibly
also increasing inequality of the wage distribution. We investigate whether this is true in
the context of neoclassical growth models, augmented with endogenous fertility decisions
and endogenous educational decisions. Furthermore we allow for imperfect
substitutability across workers of different age in the production process and learning by
doing effects as well as human capital depreciation. In particular, we assess the
intergenerational wage redistribution effects which follow after a demographic change to
persistent low fertility rates.

Population decline, economic growth, intergenerational wage gap