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We investigate the dynamo effect in a flow configuration introduced by G. O. Roberts in 1972. Based on a clear energetic hierarchy of Fourier components on the steady-state dynamo branch, an approximate model of interacting modes is constructed covering all essential features of the complete system but allowing simulations with a minimum amount of computation time. We use this model to study the excitation mechanism of the dynamo, the transition from stationary to time-dependent dynamo solutions and the characteristic properties of the latter ones.