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Table 1.

Comparative Dynamics under the Benchmark Model

Parameter Shift	$n^{d 1} =$ $n^{d 2}$	$n^{s 1} =$ $n^{s 2}$	$n^{m 1} =$ $n^{m 2}$	$h^{d 1} =$ $h^{d 2}$	$h^{s 1} =$ $h^{s 2}$	$h^{m 1} =$ $h^{m 2}$	$H_{t + 1}^{i j} / H_{t}^{i j} =$ $K_{t + 1}^{i j} / K_{t}^{i j}$	$Δ^{d d 2} =$ $Δ^{s s 2}$	$Δ^{d s 1} =$ $Δ^{d s 2}$	$M^{s 1} /$ $(M^{s 1} + M^{s 2})$
1. Benchmark	0.9561	1.5530	1.2045	0.2969	0.1858	0.1858	2.9693	5.6569	5.6386	0.5
2. $A^{d 1} = 12, A^{s 1} = 9.6$	0.9630	1.5657	1.2155	0.2969	0.1858	0.1858	3.5632	8.9234	5.6386	0.5182
3. $v^{d} = 0.1705$	0.8645	1.5596	1.1939	0.3266	0.1858	0.1858	3.2663	5.6569	7.1558	0.5
4. $Γ^{s 1} = Γ^{s 2} = 8.404$	0.9591	1.5530	1.2059	0.2969	0.1858	0.1858	2.9693	5.6569	5.6386	0.5
	$M^{s 1} / N^{d 1} =$	$M^{s 1} / N^{s 1} =$	$K^{d 1} / H^{d 1} =$	$K^{s 1} / H^{s 1} =$	$H^{d 1} / H^{s 1} =$	$K^{d 1} / K^{s 1} =$	$w^{d 1} / w^{s 1} =$	$r^{d 1} / r^{s 1} =$	$H^{d 1} / H^{d 2} =$	$K^{d 1} / K^{d 2} =$
Parameter Shift	$M^{s 2} / N^{d 2}$	$M^{s 2} / N^{s 2}$	$K^{d 2} / H^{d 2}$	$K^{s 2} / H^{s 2}$	$H^{d 2} / H^{s 2}$	$K^{d 2} / K^{s 2}$	$w^{d 2} / w^{s 2}$	$r^{d 2} / r^{s 2}$	$H^{s 2} / H^{s 2}$	$K^{s 1} / K^{s 2}$
1. Benchmark	0.1517	0.2667	0.3230	0.1283	2.2004	5.5389	1.5753	0.6741	5.6569	5.6569
2. $A^{d 1} = 12, A^{s 1} = 9.6$	0.1780	0.2467	0.2472	0.0980	2.8863	7.2831	1.5791	0.6708	8.9234	8.9234
3. $v^{d} = 0.1705$	0.2878	0.2254	0.3256	0.1114	6.7921	19.8442	1.6622	0.6055	5.6569	5.6569
4. $Γ^{s 1} = Γ^{s 2} = 8.404$	0.0888	0.3135	0.3209	0.1278	1.0072	2.5280	1.5708	0.6828	5.6569	5.6569

Parameter Shift	$n^{d 1} =$ $n^{d 2}$	$n^{s 1} =$ $n^{s 2}$	$n^{m 1} =$ $n^{m 2}$	$h^{d 1} =$ $h^{d 2}$	$h^{s 1} =$ $h^{s 2}$	$h^{m 1} =$ $h^{m 2}$	$H_{t + 1}^{i j} / H_{t}^{i j} =$ $K_{t + 1}^{i j} / K_{t}^{i j}$	$Δ^{d d 2} =$ $Δ^{s s 2}$	$Δ^{d s 1} =$ $Δ^{d s 2}$	$M^{s 1} /$ $(M^{s 1} + M^{s 2})$
1. Benchmark	0.9561	1.5530	1.2045	0.2969	0.1858	0.1858	2.9693	5.6569	5.6386	0.5
2. $A^{d 1} = 12, A^{s 1} = 9.6$	0.9630	1.5657	1.2155	0.2969	0.1858	0.1858	3.5632	8.9234	5.6386	0.5182
3. $v^{d} = 0.1705$	0.8645	1.5596	1.1939	0.3266	0.1858	0.1858	3.2663	5.6569	7.1558	0.5
4. $Γ^{s 1} = Γ^{s 2} = 8.404$	0.9591	1.5530	1.2059	0.2969	0.1858	0.1858	2.9693	5.6569	5.6386	0.5
	$M^{s 1} / N^{d 1} =$	$M^{s 1} / N^{s 1} =$	$K^{d 1} / H^{d 1} =$	$K^{s 1} / H^{s 1} =$	$H^{d 1} / H^{s 1} =$	$K^{d 1} / K^{s 1} =$	$w^{d 1} / w^{s 1} =$	$r^{d 1} / r^{s 1} =$	$H^{d 1} / H^{d 2} =$	$K^{d 1} / K^{d 2} =$
Parameter Shift	$M^{s 2} / N^{d 2}$	$M^{s 2} / N^{s 2}$	$K^{d 2} / H^{d 2}$	$K^{s 2} / H^{s 2}$	$H^{d 2} / H^{s 2}$	$K^{d 2} / K^{s 2}$	$w^{d 2} / w^{s 2}$	$r^{d 2} / r^{s 2}$	$H^{s 2} / H^{s 2}$	$K^{s 1} / K^{s 2}$
1. Benchmark	0.1517	0.2667	0.3230	0.1283	2.2004	5.5389	1.5753	0.6741	5.6569	5.6569
2. $A^{d 1} = 12, A^{s 1} = 9.6$	0.1780	0.2467	0.2472	0.0980	2.8863	7.2831	1.5791	0.6708	8.9234	8.9234
3. $v^{d} = 0.1705$	0.2878	0.2254	0.3256	0.1114	6.7921	19.8442	1.6622	0.6055	5.6569	5.6569
4. $Γ^{s 1} = Γ^{s 2} = 8.404$	0.0888	0.3135	0.3209	0.1278	1.0072	2.5280	1.5708	0.6828	5.6569	5.6569

Benchmark parameters: $σ = 0.9$ ⁠, $δ = 0.7$ ⁠, $B = 1$ ⁠, $β = 1.3$ ⁠, $α = 1 / 3$ ⁠, $η = 2 / 3$ ⁠, $γ^{1} = γ^{2} = 0.4$ ⁠, $Γ^{d 1} = Γ^{d 2} = 10$ ⁠, $Γ^{s 1} = Γ^{s 2} = 8.424$ ⁠, $A^{d 1} = 10$ ⁠, $A^{d 2} = 5$ ⁠, $A^{s 1} = 8$ ⁠, $A^{s 2} = 4$ ⁠, $θ^{d 1} = θ^{d 2} = θ^{s 1} = θ^{s 2} = 1.16$ ⁠, $v^{d} = 0.155$ , $v^{s} = 0.097$ , $τ^{h 1} = τ^{h 2} = 0.052$ ⁠, $τ^{k 1} = τ^{k 2} = 0.5$ ⁠.

Source: Authors’ simulation results.

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