[R] GLS terminology question not related to R

[Leeds, Mark (IED)]

This is a terminology question not related to R. The literature often
says that OLS is inefficient relative to GLS if the residuals in
the system are correlated ( and the RHS sides of each are not identical
). Does this mean that OLS overestimates residual and coefficient
variances , underestimates them or just gets them wrong and the
direction is not known ? Thanks.
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