표 10 오피스의 신규공급량과 임대료 간 관계 : BBD

변수	종속변수(Y) : 신규공급량					종속변수(Y) : Diff.임대료
	독립변수(X) : Diff.임대료					독립변수(X) : 신규공급량
	Mode1_1	Model1_2	Model1_3	Model1_4	Model1_5	Model2_1	Model2_2	Model2_3	Model2_4	Model2_5
	ARDL(1,0)	ARDL(1,1)	ARDL(1,2)	ARDL(2,1)	ARDL(2,2)	ARDL(1,0)	ARDL(1,1)	ARDL(1,2)	ARDL(2,1)	ARDL(2,2)
Yt-1	0.271	0.288	0.245	0.309	0.247	0.056	0.065	0.071	0.058	0.066
	(0.194)	(0.199)	(0.198)	(0.209)	(0.211)	(0.206)	(0.213)	(0.217)	(0.216)	(0.219)
Yt-2				–0.085	–0.007				–0.281	–0.304
				(0.211)	(0.212)				(0.225)	(0.230)
Xt	–18.730	–20.610	–3.194	–22.164	–3.409	–0.001	–0.001	–0.001	–0.000	–0.000
	(36.711)	(37.386)	(37.960)	(38.283)	(39.381)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Xt-1		39.878	37.743	40.597	37.818		0.000	0.000	0.000	0.001
		(37.567)	(36.698)	(38.313)	(37.664)		(0.001)	(0.001)	(0.001)	(0.001)
Xt-2			57.683		57.413			–0.001		–0.001
			(38.584)		(40.281)			(0.001)		(0.001)
상수	58.163**	53.871**	46.954*	59.211**	47.448	0.134	0.115	0.155	0.095	0.149
	(22.915)	(24.376)	(24.252)	(28.169)	(28.567)	(0.126)	(0.147)	(0.167)	(0.150)	(0.170)
N	28	27	26	27	26	27	27	27	26	26
adj_R2	0.007	0.007	0.069	–0.031	0.022	–0.070	–0.114	–0.150	–0.093	–0.120
AIC	333.546	323.484	311.010	325.286	313.008	41.002	42.920	44.589	42.743	44.098
SIC	337.543	328.667	317.300	331.765	320.557	44.890	48.103	51.068	49.034	51.647
P>chi2	0.5064	0.6357	0.4368	0.1679	0.3613	0.4105	0.2163	0.2312	0.9845	0.8073

주 : 1) ( ) 안은 표준오차(se)를 나타냄.
2) *** p<0.01, ** p<0.05, * p<0.1.
3) P>chi2는 시계열 상관(serial correlation)검증테스트인 Breusch-Godfrey LM test의 결과임.