In the last few years, many efforts were oriented towards describing the hematopoiesis phenomenon in normal and pathological situations. This complex biological process is organized as a hierarchical system that begins with primitive hematopoietic stem cells (HSCs) and ends with mature blood cells: red blood cells, white blood cells and platelets. Regarding acute myelogenous leukemia (AML), a cancer of the bone marrow and blood, characterized by a rapid proliferation of immature cells, which eventually invade the bloodstream, there is a consensus about the target cells during the HSCs development which are susceptible to leukemic transformation. We propose and analyze a mathematical model of HSC dynamics taking into account two phases in the cell cycle, a resting and a proliferating one, by allowing just after division a part of HSCs to enter the resting phase and the other part to come back to the proliferating phase to divide again. The resulting mathematical model is a system of nonlinear differential-difference equations. Due to the hierarchical organization of the hematopoiesis, we consider n stages of HSCs characterized by their maturity levels. We obtain a system of 2n nonlinear differential-difference equations. We study the existence, uniqueness, positivity, boundedness and unboundedness of the solutions. We then investigate the existence of positive and axial steady states for the system, and obtain conditions for their stability. Sufficient conditions for the global asymptotic stability of the trivial steady state as well as conditions for its instability are obtained. Using neutral differential equation associated to the differential-difference system, we also obtain results on the local asymptotic stability of the positive steady state. Numerical simulations are carried out to show the influence of variations of the differentiation rates and self-renewal coefficients of the HSCs on the behavior of the system. In particular, we show that a blocking of differentiation at an early stage of HSC development can lead in an overexpression of very immature cells. Such situation corresponds to the observation in the case of AML.