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9. If a series possesses the 'Markov property', what would this imply? (i) The series is path-dependent (ii) All that is required to produce forecasts

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9. If a series possesses the 'Markov property', what would this imply? (i) The series is path-dependent (ii) All that is required to produce forecasts for the series is the current value of the series plus a transition probability matrix (iii) The state-determining variable must be observable (iv) The series can be classified as to whether it is in one regime or another regime, but it can only be in one regime at any one time. (a) * (11) only (b) (i) and (a) only (c) (i), (ii), and (in) only (a) (i), (ii), (iii), and (iv)

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