Abstract— Papers investigate a Kaldor-Kalecki model of business cycle system with two different delays, which described the interaction of the gross product and the capital product. We derived the conditions for the local stability and the existence of Hopf bifurcation at the equilibrium of the system. By applying the normal form theory and center manifold theory, some explicit formulate for determining the stability and the direction of the Hopf bifurcation periodic solutions are obtained. Some numerical simulations by using Mathematica software supported the theoretical results. Finally, main conclusions are given.
Keywords— Two delays, Hopf bifurcation, Stability, Business cycle, Normal form.
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