This report comes out of the second half of the two-year research project on "Fiscal Policies for the Accumulation of Human capital in Korea: An Economic Analysis on Fertility". This study investigates the effect of pro-natal policies on childbirth, labor supply, marriage, and the accumulation of human capital, based on the first-year report which analyzed the socio-economic factors that determines women's birth and labor supply decisions. We estimated a dynamic structural model of birth, labor supply, and marriage. And the estimated parameters were utilized for counter-factual experiments on various government policies. The empirical result shows that providing leave, whether paid or not, has a limited impact on childbirth decisions while the incentive for women to participate in a labor market becomes weak. Subsidies to childcare are expected to promote both birth and labor supply, but only by a limited degree with relatively large fiscal expenditure. The effect of cash transfers, such as child tax credit, is large compared to other policies, but universal transfer has a shortcoming that it may impede labor supply in the long term. Restricted only to working women, cash transfer encourages the long-term accumulation of human capital, while posing equity concerns. Lastly we evaluated two alternative changes to the current pro-natal policy: (1) expanding graded childcare support, (2) introducing child allowance with the current graded childcare support. According the result, expanding graded childcare support is more effective.