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Situation when there is strong linear relationship among predictor variables, so that their correlation matrix becomes (almost) singular. This "ill condition" makes it hard to determine the unique role each of the predictors is playing: estimation problems arise and standard errors are increased. Bivariately very high correlated predictors are one example of multicollinearity.

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Can you use heteroskedastic time series variables within a regression model?

I could be wrong, but I believe you're standard errors are more effected by multicollinearity than heterosked. …
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