Table 4 Results of estimating the long-run equilibrium relationship equation for the rent to cheonsei ratio and the Korea 3-year Treasury Bond yield

	Aug. 2001 - Dec. 2014	Aug. 2001 - Dec. 2008	Jan. 2009 - Dec. 2014
Constant term	7.5603***	9.2901***	6.7660***
Korea 3-year Treasury Bond yield	0.8866***	0.5452***	1.1026***
Standard error of regressor	0.676	0.811	0.353

Note: *** means that the estimation coefficient is significant at the significance level of 1%.