Stability and bifurcation analysis in a kind of business cycle model with delay

A kind of business cycle model with delay is considered. Firstly, the linear stability of the model is studied and bifurcation set is drawn in the appropriate parameter plane. It is found that there exist Hopf bifurcations when the delay passes a sequence of critical values. Then the explicit algorithm for determining the direction of the Hopf bifurcations and the stability of the bifurcating periodic solutions are derived, using the normal form method and center manifold theorem. Finally, a group conditions to guarantee the global existence of periodic solutions is given, and numerical simulations are performed to illustrate the analytical results found.