We investigate the effects of a decline in fertility on economic growth and development outcomes
using a macrosimulation model. We incorporate three fertility effects that have previously not been
included in such models: the effect of fertility on child health and later worker productivity; the effect
of fertility on savings; and a feedback mechanism from female education to fertility, in which changes
in female education that are induced by declining fertility in turn alter subsequent fertility. We also
improve the model of the economy by incorporating a more realistic three-sector framework and by
allowing for labor market imperfections. Using data from Nigeria, we find that adding these channels
roughly doubles the effect of an initial fertility decline on income per capita after 50 years when
compared to previous simulation results