The dynamics of bequeathed tastes with endogenous fertility

- This article attempts to characterise the global dynamics of an economy with bequeathed tastes (aspirations) and endogenous fertility.
- Endogenous fertility is responsible for preventing endogenous fluctuations.
- Aspirations represent an additional explanation for the declining fertility observed in developed countries.

In contrast with the existing literature with overlapping generations, aspirations and exogenous fertility, this article shows that endogenous fertility prevents endogenous fluctuations in a general equilibrium economy.