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Direction of Hopf bifurcation in a Delayed Kaldor-Kalecki Model of Business Cycle

M. El Fatini, A. Kaddar, A. Laaribi

Abstract


We are concerned with the Kaldor-Kalecki cycle model under the effect of a delay which represents a gestation lag between a decision of investment and its effect on the capital stock. The dynamics are studied in terms of local stability and of the description of the Hopf bifurcation, when the delay cross some critical value. Furthermore we formulate an explicit algorithm about the direction of Hopf bifurcation and we conclude with an application.

Keywords


Kaldor-Kalecki business cycle, delayed differential equations, Hopf bifurcation.

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