Q2B. Which of the following are limitations of using Impulse Response Functions (IRFs) in time series analysis? i. IRFs are only valid for linear time series models. ii. IRFs assume that the underlying time series is stationary. iii. IRFs can provide information about the short-term dynamics of the relationship between variables, but they do not capture longer-term effects or other important aspects of the relationship. iv. IRFs depend on the specification of the model used to estimate the relationship between variables.

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