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Dynamical properties are studied numerically for a variant of the Kondo model with singlet and triplet crystalline electric field (CEF) levels where Kondo and CEF singlets compete for the ground state. Using the continuous-time quantum Monte Carlo method, we derive the -matrix of conduction electrons and dynamical susceptibilities of local electrons without encountering the negative sign problem. When the CEF splitting is comparable to the Kondo temperature, the dynamical response has only a quasi-elastic peak. Nevertheless, the local single-particle spectrum shows an energy gap in strong contrast with the ordinary Kondo model.

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