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。
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。
A process undergoes a certain amount of volatility as it moves from start to finish.
随着过程从开始到结束，它经受着特定量的易变率。
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