표 11 오피스의 공실률과 임대료 간 관계 : CBD

변수	종속변수(Y) : Diff.임대료					종속변수(Y) : Diff.공실률
	독립변수(X) : Diff.공실률					독립변수(X) : Diff.임대료
	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	0.005	0.006	0.009	0.011	0.012	0.197	0.182	0.236	0.222	0.252
	(0.183)	(0.187)	(0.192)	(0.193)	(0.196)	(0.177)	(0.180)	(0.183)	(0.198)	(0.193)
Yt-2				–0.091	–0.081				–0.099	–0.061
				(0.203)	(0.207)				(0.203)	(0.198)
Xt	0.073	0.074	0.066	0.055	0.051	0.239	0.235	0.159	0.209	0.149
	(0.100)	(0.103)	(0.107)	(0.113)	(0.115)	(0.325)	(0.328)	(0.325)	(0.341)	(0.332)
Xt-1		–0.007	0.018	0.009	0.025		0.198	0.204	0.200	0.204
		(0.103)	(0.114)	(0.111)	(0.117)		(0.331)	(0.325)	(0.341)	(0.331)
Xt-2			–0.062		–0.058			–0.571*		–0.559
			(0.113)		(0.116)			(0.328)		(0.335)
상수	0.181	0.182	0.197	0.206	0.214	0.105	0.069	0.205	0.099	0.214
	(0.127)	(0.131)	(0.138)	(0.143)	(0.146)	(0.231)	(0.242)	(0.249)	(0.254)	(0.256)
N	33	33	32	32	32	33	33	32	32	32
adj_R2	–0.048	–0.084	–0.115	–0.119	–0.152	–0.006	–0.028	0.041	–0.057	0.008
AIC	72.167	74.162	74.709	74.825	76.522	110.753	112.350	108.654	111.784	110.538
SIC	76.656	80.148	82.038	82.154	85.316	115.242	118.336	115.983	119.112	119.332
P>chi2	0.8965	0.9295	0.4498	0.8162	0.6046	0.7972	0.2233	0.5971	0.5383	0.9410

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.