표 12 오피스의 공실률과 임대료 간 관계 : GBD

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	0.280	0.226	0.238	0.334	0.323	–0.063	0.078	0.101	0.069	0.080
	(0.179)	(0.195)	(0.207)	(0.207)	(0.208)	(0.175)	(0.172)	(0.183)	(0.165)	(0.189)
Yt-2				–0.261	–0.380				0.128	0.114
				(0.199)	(0.232)				(0.166)	(0.203)
Xt	–0.148**	–0.141**	–0.154**	–0.156**	–0.142**	–1.054*	–1.118**	–1.157**	–1.065**	–1.085**
	(0.059)	(0.061)	(0.067)	(0.064)	(0.065)	(0.517)	(0.479)	(0.475)	(0.463)	(0.498)
Xt-1		–0.045	–0.046	–0.006	0.007		1.253**	1.371**	1.328**	1.352**
		(0.061)	(0.063)	(0.068)	(0.069)		(0.509)	(0.529)	(0.496)	(0.537)
Xt-2			–0.010		–0.072			–0.294		–0.086
			(0.064)		(0.073)			(0.555)		(0.673)
상수	0.061	0.071	0.066	0.068	0.078	0.209	0.106	0.064	0.038	0.043
	(0.053)	(0.055)	(0.058)	(0.056)	(0.057)	(0.165)	(0.158)	(0.155)	(0.156)	(0.162)
N	33	33	32	32	32	33	33	32	32	32
adj_R2	0.130	0.117	0.096	0.150	0.149	0.063	0.198	0.204	0.213	0.183
AIC	16.510	17.893	20.016	18.063	18.873	90.357	86.107	82.240	81.871	83.852
SIC	20.999	23.879	27.344	25.392	27.667	94.847	92.093	89.568	89.200	92.646
P>chi2	0.7847	0.3698	0.1875	0.8219	0.9760	0.0326	0.9168	0.5593	0.5278	0.4383

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.