Table 7 Results of estimating the adjustment equation of the rent to cheonsei ratio

	Aug. 2001 - Dec. 2014	Aug. 2001 - Dec. 2008	Jan. 2009 - Dec. 2014
Constant term	-0.0341***	-0.0378***	-0.0326***
Korea 3-year Treasury Bond yield difference	0.1051***	0.1181***	0.0188***
EC (-1)	-0.0587***	-0.0792***	0.0119***
Standard error of regressor	0.108***	0.139***	0.033***

Note: ***, **, and * mean that the estimation coefficient is significant at the significance level of 1%, 5%, and 10%, respectively.