Fertility Decisions in an Uncertain World: Exploring the Influence of Exogenous Shocks and the COVID-19 Pandemic

The objective of this work is to investigate the intricate dynamics of fertility behaviours in an uncertain world, with particular focus on the impact of the COVID-19 pandemic and other exogenous shocks like climate change. We begin by elucidating the most influential fertility theories and by defining the fundamental concepts of the subject. Subsequently, fertility trends and empirical studies are examined through microeconomic and macroeconomic lenses, exploring how factors such as income or public policies influence fertility decisions at both individual and societal levels. The COVID-19 pandemic serves as a crucial case study since it spikes uncertainty about the future like never before. Finally, the thesis examines other exogenous shocks, including climate change, wars, economic crises and migration, to provide a comprehensive view of fertility decisions in an uncertain world. With global fertility rates experiencing a marked decline over recent decades, and uncertainty on the rise in various spheres of life, there is a pressing need to unravel the complex relationship between uncertainty and reproductive choices.