@misc{GARCHRecord0023,
  title = {{Volatility Persistence is not Distributional Memory: Separating Variance Memory from Empirical-distribution Memory}},
  author = {Yang, Fuli},
  year = {2026},
  url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7407659},
  howpublished = {SSRN}
}