Table 2 Results of the unit root test on the rent to cheonsei ratio and the Korea 3-year Treasury Bond yield

Rent to Cheonsei Ratio Korea 3-year Treasury Bond yield
Constant term Constant term + Time trend Constant term Constant term + Time trend
ADF test statistic -2.3859 -3.1518* -1.0989 -2.9138
DF-GLS test statistic 2.6307 -0.7978 -0.4703 -2.7321*
KPSS test statistic 1.3269*** 0.1707** 1.1968*** 0.2098**
Note: In ADF test and DF-GLS test, * means that the null hypothesis of ‘There is a unit root.’ is rejected at the significance level of 10%.In KPSS test, *** and ** mean that the null hypothesis of ‘There is no unit root.’ is rejected at the significance level of 1% and 5%, respectively.