Stationarity of AR(1) Process

Consider a time series model defined by an autoregressive process of order 1, denoted as AR(1). The model is described by the equation:

$$ Y_t = \phi Y_{t-1} + \epsilon_t $$

where:

• $$ Y_t $$ is the current value at time $t$
• $$ \phi $$ is the autoregressive coefficient
• $$ \epsilon_t $$ is a white noise error term

If the value of the autoregressive coefficient $$ \phi $$ is 0.6, what is the implication of this value on the stationarity of the process?