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We consider why fertility has fallen in recent decades in almost all high-income countries. We begin by documenting declining total fertility and rising childlessness across cohorts, highlighting the need to focus on cohort versus period-specific fertility rates. With this motivation, we propose a conceptual model of fertility determination that augments the standard Becker model with an explicit role for social norms and cohort-specific contextual factors, including broad social and economic influences and an expanded set of consumption and lifestyle options. We posit that these forces have led to “shifting priorities,” reducing the centrality of parenthood. We then review existing empirical evidence –and conclude that the decline in fertility likely reflects a complex mix of changing norms around work, parenting, gender roles, and leisure consistent with our cohort-based conceptual framework. We conclude with suggestions for future research and a brief discussion of policy implications.
