A dynamic IS-LM business cycle model with two time delays in capital accumulation equation

Authors:
Lujun Zhou;Yaqiong Li
Affiliations:
College of Mathematics and Econometrics, Hunan University, Changsha, 410082, PR China;College of Mathematics and Econometrics, Hunan University, Changsha, 410082, PR China
Venue:
Journal of Computational and Applied Mathematics
Year:
2009

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Abstract

In this paper, we analyze a augmented IS-LM business cycle model with the capital accumulation equation that two time delays are considered in investment processes according to Kalecki's idea. Applying stability switch criteria and Hopf bifurcation theory, we prove that time delays cause the equilibrium to lose or gain stability and Hopf bifurcation occurs.