  This paper utilizes wealth shocks from winning lottery prizes to examine the
causal effect of financial resources on fertility. We employ extensive panels
of administrative data encompassing over 0.4 million lottery winners in Taiwan
and implement a triple-differences design. Our analyses reveal that a
substantial lottery win can significantly increase fertility, the implied
wealth elasticity of which is around 0.06. Moreover, the primary channel
through which fertility increases is by prompting first births among previously
childless individuals. Finally, our analysis reveals that approximately 25% of
the total fertility effect stems from increased marriage rates following a
lottery win.
