Stability and Hopf Bifurcation of the Fractional Kaldorian Business Cycle Model with Time Delay

This paper is concerned with a fractional Kaldorian business cycle model with investment and money supply time delay. Through Routh Hurwitz criterion, we give the existence of Hopf bifurcation using delay as bifurcation parameter by analyzing the corresponding characteristic equations. On this basis, the influence of the fractional order on the bifurcation threshold is studied, which displays that the Hopf bifurcation of the system will advance as the order increases. Finally, some numerical simulation examples are provided to substantiate the theoretical results.