In this paper, we investigate a Kaldor-Kalecki model of business cycle with delay in both the gross product and the capital stock. Stability analysis for the equilibrium point is carried out. We show that Hopf bifurcation occurs and periodic solutions emerge as the delay crosses some critical values. By deriving the normal forms for the system, the direction of the Hopf bifurcation and the stability of the bifurcating periodic solutions are established. Examples are presented to confirm our results.
Electronic Journal of Qualitative Theory of Differential Equations
Wang, L., & Wu, X. (2009). Bifurcation analysis of a Kaldor-Kalecki model of business cycle with time delay. Electronic Journal of Qualitative Theory of Differential Equations, Spec. Ed. I(27), 1-20.