표 8 오피스의 신규공급량과 임대료 간 관계 : YBD

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	0.117	0.098	0.058	0.162	0.124	–0.358**	–0.298*	–0.160	–0.231	–0.164
	(0.168)	(0.186)	(0.186)	(0.179)	(0.169)	(0.154)	(0.170)	(0.160)	(0.188)	(0.174)
Yt-2				–0.363*	–0.474**				0.176	–0.026
				(0.179)	(0.174)				(0.185)	(0.188)
Xt	98.057**	100.581**	79.060*	131.033***	109.984**	0.002**	0.002**	0.002***	0.001*	0.002**
	(37.680)	(41.298)	(43.017)	(42.020)	(40.292)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Xt-1		10.848	31.265	–4.824	18.729		–0.001	–0.001	–0.001	–0.001
		(43.502)	(45.349)	(42.055)	(41.016)		(0.001)	(0.001)	(0.001)	(0.001)
Xt-2			67.084		93.824**			0.002***		0.002**
			(42.774)		(39.675)			(0.001)		(0.001)
상수	9.214	8.330	1.813	13.792	6.525	0.124**	0.132***	0.070	0.112**	0.070
	(10.971)	(12.775)	(13.751)	(12.435)	(12.478)	(0.046)	(0.047)	(0.047)	(0.054)	(0.052)
N	34	33	32	33	32	33	33	33	32	32
adj_R2	0.126	0.092	0.133	0.180	0.299	0.243	0.237	0.383	0.232	0.358
AIC	366.454	358.731	348.155	356.207	342.114	–5.262	–4.105	–10.309	–1.826	–6.762
SIC	371.033	364.717	355.484	363.690	350.909	–0.773	1.881	–2.827	5.502	2.032
P>chi2	0.7783	0.3822	0.2984	0.5713	0.8892	0.1834	0.0668	0.3639	0.6446	0.3229

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.