The effect of inverter dead time on the inverter output voltage is well studied in the literature. This paper studies the effect of the dead time on the inverter input current. An expression for the switching-cycle-averaged inverter input current including the dead time effect is derived, which shows the dead time effect to primarily result in a reduction in the average value of the inverter dc input current. The effect of dead time on the input current is incorporated into the dc-link dynamic model of a diode-bridge-rectifier (DBR) fed voltage source inverter (VSI). A switching-cycle-average model of a DBR-VSI-fed induction motor is proposed, which considers the effect of dead time on both the ac output voltage and dc input current of the VSI. The proposed average model is used to study the light-load instability phenomenon in a 100-kW open-loop motor drive. The proposed model is shown to predict the region of oscillatory behavior (i.e., region exhibiting light-load instability) with better accuracy than existing average models. The proposed model also accurately predicts the dc-link voltage swing at such oscillatory operating points. While being comparable in accuracy in predicting the system dynamics, the proposed model is much more computationally efficient than the state-of-the-art switching model. The validity of the proposed average model is also confirmed by experimental measurements on a 100-kW induction motor drive. © 2017 IEEE.