Dynamic analysis for a Kaldor-Kalecki model of business cycle with time delay and diffusion effect (Q680817)

Summary: The dynamics behavior of Kaldor-Kalecki business cycle model with diffusion effect and time delay under the Neumann boundary conditions is investigated. First, the conditions of time-independent and time-dependent stability are investigated. Then, we find that the time delay can give rise to the Hopf bifurcation when the time delay passes a critical value. Moreover, the normal form of Hopf bifurcations is obtained by using the center manifold theorem and normal form theory of the partial differential equation, which can determine the bifurcation direction and the stability of the periodic solutions. Finally, numerical results not only validate the obtained theorems, but also show that the diffusion coefficients play a key role in the spatial pattern. With the diffusion coefficients increasing, different patterns appear.