표 6 오피스의 신규공급량과 임대료 간 관계 : CBD

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	–0.091	–0.117	–0.135	–0.100	–0.115	0.015	0.005	0.014	0.009	0.019
	(0.178)	(0.183)	(0.190)	(0.183)	(0.191)	(0.183)	(0.185)	(0.188)	(0.191)	(0.194)
Yt-2				0.207	0.190				–0.128	–0.119
				(0.183)	(0.191)				(0.190)	(0.193)
Xt	9.913	10.849	10.005	13.171	12.085	0.001	0.001	0.001	0.001	0.001
	(21.378)	(21.801)	(22.546)	(21.793)	(22.644)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Xt-1		12.329	13.424	9.800	10.912		0.001	0.001	0.001	0.001
		(21.738)	(22.317)	(21.749)	(22.461)		(0.002)	(0.002)	(0.002)	(0.002)
Xt-2			–1.012		–2.493			–0.001		–0.001
			(22.541)		(22.592)			(0.002)		(0.002)
상수	59.713***	60.342***	63.586***	47.744**	51.688**	0.154	0.095	0.141	0.125	0.170
	(17.344)	(18.372)	(19.665)	(21.405)	(23.002)	(0.154)	(0.182)	(0.198)	(0.196)	(0.214)
N	34	33	32	33	32	33	33	33	32	32
adj_R2	–0.050	–0.071	–0.108	–0.061	–0.108	–0.059	–0.081	–0.105	–0.109	–0.138
AIC	398.518	388.904	379.614	389.428	380.412	72.535	74.093	75.652	74.520	76.131
SIC	403.098	394.890	386.942	396.910	389.207	77.024	80.079	83.134	81.848	84.925
P>chi2	0.8259	0.9154	0.8285	0.9262	0.9927	0.7731	0.4854	0.3279	0.6339	0.2437

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.