@article{oai:kagawa-u.repo.nii.ac.jp:00009700,
 author = {Miyazaki, Koichi and 宮﨑, 浩一},
 journal = {The Institute of Economic Research working paper series},
 month = {Jan},
 note = {This paper explains howan exogenous borrowing constraint affects the fertility rate in an overlappinggenerations model for four‐period‐lived agents. Young agents face a borrowing constraint when they decide how many children they want to have. Relaxing the constraint increases borrowing by a young agent, who will thus have more children. At the same time, if a young agent borrows more, the interest rate will increase and labor wage will decrease, because of a decrease in physical capital stock and an increase in labor. This makes a young agent's debt much heavier, and a young agent will have fewer children. Considering these two effects together, relaxing the borrowing constraint does not necessarily have a positive effect on the fertility rate. In addition, the paper discusses the effect of the borrowing constraint on welfare.},
 pages = {1--20},
 title = {Fertility under an exogenous borrowing constraint},
 volume = {201},
 year = {2016},
 yomi = {ミヤザキ, コウイチ}
}