What is volatility clustering in financial returns? Explain how GARCH models can be used to capture volatility clustering in financial returns. (5) (b) Let X, be a zero-mean time series, and let its conditional variance of be defined by the following GARCH (3, 2) model, o=2+0.201 +0.30-2 +0.10+ 0.2X +0.2X2-2 Find the steady-state variance of X. Show each step in your calculation. (c) Let a zero-mean time series Y, follow a conditional normal distribution and let its variance of be defined by the following GJR-GARCH model, o=1+0.201 +0.2X1+0.4X11(Y-1