표 9 오피스의 신규공급량과 임대료 간 관계 : ETC

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	–0.175	–0.176	–0.166	–0.214	–0.202	–0.043	–0.033	–0.029	–0.028	–0.025
	(0.185)	(0.193)	(0.200)	(0.195)	(0.203)	(0.180)	(0.186)	(0.189)	(0.191)	(0.195)
Yt-2				–0.210	–0.200				0.074	0.064
				(0.193)	(0.202)				(0.189)	(0.195)
Xt	–41.174	–41.219	–44.360	–43.400	–45.853	–0.001	–0.001	–0.001	–0.001	–0.001
	(47.797)	(49.105)	(50.735)	(48.982)	(50.773)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Xt-1		–2.704	–1.385	0.486	1.277		0.000	0.000	0.000	0.000
		(49.671)	(51.133)	(49.591)	(51.219)		(0.001)	(0.001)	(0.001)	(0.001)
Xt-2			22.547		13.920			–0.000		–0.000
			(50.423)		(51.183)			(0.001)		(0.001)
상수	89.965***	91.564***	89.704***	109.688***	106.925***	0.045	0.026	0.056	0.023	0.049
	(19.137)	(19.920)	(20.938)	(25.869)	(27.206)	(0.074)	(0.098)	(0.126)	(0.101)	(0.130)
N	34	33	32	33	32	33	33	33	32	32
adj_R2	–0.006	–0.042	–0.078	–0.035	–0.078	–0.035	–0.067	–0.099	–0.100	–0.138
AIC	396.400	387.451	378.445	388.073	379.257	16.646	18.536	20.361	20.781	22.658
SIC	400.979	393.437	385.774	395.556	388.051	21.135	24.523	27.844	28.110	31.452
P>chi2	0.3723	0.5147	0.8968	0.6834	0.5507	0.6291	0.5228	0.0032	0.7590	0.0925

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.