A dynamic IS-LM business cycle model with two time delays in capital accumulation equation |
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| Authors: | Lujun Zhou Yaqiong Li |
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| Institution: | College of Mathematics and Econometrics, Hunan University, Changsha, 410082, PR China |
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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. |
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| Keywords: | Time delays Asymptotically stable Stability switch Hopf bifurcation IS-LM model |
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