Recent evidence on the “fertility rebound” offers credence to the idea that, from the onset of early industrialization to the present day, the dynamics of fertility can be represented by an N‐shaped curve. An overlapping generations model with parental investment in human capital can account for these observed movements in fertility rates during the different stages of demographic change. A demographic transition with declining fertility emerges at the intermediate stage, when parents engage on a child quantity–quality trade‐off. At later stages, however, the process of economic growth generates sufficient resources so that households can rear more children while still providing the desirable amount of education investment per child.

中文翻译：

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经济发展中的人口转型和生育率回升*

关于“生育率回升”的最新证据使人相信，从早期工业化开始到今天，生育力的动态可以用N形曲线表示。由父母对人力资本进行投资的世代重叠模型可以解释这些在人口变化的不同阶段中观察到的生育率变化。当父母进行子女数量与质量的权衡时，生育力下降的人口转变就会出现。但是，在以后的阶段，经济增长过程会产生足够的资源，以便家庭可以养育更多的孩子，同时仍然为每个孩子提供理想的教育投资。