Explain the term CGARCH as of the GARCHs family

Explain the term CGARCH as of the GARCH’s family.

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CGARCH: It is component GARCH. This models variance like the sum of two or more ‘components.’ Within a two-component model, for illustration, one component is used to capture short-term and other the long-term effects of shocks. Therefore this model has the long memory; slow decay of volatility appears in practice.

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