**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.