1) The document evaluates the welfare and economic effects of raising fertility rates through natalistic policies using an overlapping generations model. 2) It finds that while higher fertility leads to positive fiscal effects in the long run through increased tax revenues, the immediate costs of policies exceed these delayed benefits. 3) The model also finds that while the welfare effects of higher fertility are small, they are universally negative even with a higher population. The impacts depend on whether higher fertility occurs through more children per family or less childless families.