At a nontrivial equilibrium , the equation gives
The equation gives , and conservation of population then yields
These values are positive precisely in the epidemic regime .
Eliminate . The two-dimensional system is
Set . The Jacobian matrix at the endemic equilibrium is
so its eigenvalues satisfy
Their sum is and their product is , proving local asymptotic stability.
The discriminant is
Writing , we have . As ,
whereas as ,
Hence sufficiently slow immunity loss gives a stable focus: approaches through damped oscillations, corresponding to successively smaller epidemic waves. Sufficiently rapid immunity loss gives a stable node: small disturbances are sums of two decaying real modes and show no forced oscillation. These conclusions and the equilibrium formulas are collected in the Endemic equilibrium of the SIR model with waning immunity.

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