Using the monthly squared returns of a stock market index (T = 250 observations) you have obtained the following first 6

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Using the monthly squared returns of a stock market index (T =
250 observations) you have obtained the following first 6 sample
autocorrelations: ˆρ1 = 0.25 , ˆρ2 = 0.15, ˆρ3 = 0.08, ˆρ4 = 0.02,
ˆρ5 = −0.09, ˆρ6 = 0.01. Using a suitable test argue whether the
return series is characterised by volatility clustering
patterns.