Previous studies indicate that the volatility process of financial market has a distinctive long memory.

已有研究结果表明金融市场波动过程具有显著的长期记忆性。

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In particular, it has been demonstrated that the conventional GARCH model can exaggerate volatility persistence compared to the (true) volatility process perceived by the market.

特别是，相对于被市场所发现的真实波动过程来说，传统的GARCH模型夸大了波动的持续性。

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In particular, it has been demonstrated that the conventional GARCH model can exaggerate volatility persistence compared to the (true) volatility process perceived by the market.

特别是，相对于被市场所发现的真实波动过程来说，传统的GARCH模型夸大了波动的持续性。

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