Dynamic behavior in a three coupled Kaldor-Kalecki delayed model

It is known that the original Kaldor-Kalecki model of business cycle was an example of a difference differential model. In the literature there are many results about this model and how it relates to an extended form representing an economic growth model and how the role of government and its simultaneous monetary, fiscal policies can affect the economic stability. The authors proposed and studied business models using ordinary differential equations, nonlinear investment and saving functions. They showed that periodic solutions exist under the assumption of nonlinearity. Since then, similar models were also analyzed by several researchers and the existence of limit cycles was established due to the nonlinearity. In this paper, a three coupled Kaldor-Kalecki model with multiple delays is investigated. By means of the generalized Chafee’s criterion, some sufficient conditions to guarantee the existence of oscillatory solution for the model are obtained. Computer simulations are provided to demonstrate the proposed results.

Keywords:

three coupled Kaldor-Kalecki model , Delay , Instability , limit cycle